New Loan Program for First-Time Homebuyers!

As many of you know, the mortgage market has been going through some recent craziness and the availability of low-money down programs has shrunk tremendously.  While FHA is still a very viable option for many, I recently learned of a new conventional product that is worth considering. Flagstar Bank is offering a loan where buyers need only put down 5% for a Conventional Fannie Mae 30 year fix loan in the DC Area.  There are some restrictions.

*Must be First time Homebuyer
*Homebuyer education is required
*Two months reserves required
*Max Seller Contribution of 3% regardless of program description
*Min FICO of 680
*One Unit property only
*Interest Only will not be allowed
*No Condos

If you would like more information about this loan program or other first-time buyer programs, please contact me at jdf.nhs@gmail.com or via phone at 571-244-1827. Now is a great time for first-time buyers to purchase!  With the increasing number of short sales and bank-owned properties, there are a lot of properties out there to consider.  Let’s get started on your search for a new home today!