There are definitely 30 year fixed rate programs that are available for first time homebuyers. You should contact your bank or a mortgage broker to see if you qualify. They will need to review your credit, income, job history, etc to see if you can be approved.
Being a first time homebuyer will not affect your approval or rate provided you qualify for the loan. It is your credit history, income, down payment amount, loan amount and monthly debt that will affect your approval.
I suggest you apply for 100% financing. In today's buyers market, your realtor should be able to easily negotiate for the seller to pay your closing costs so you will have no money out of pocket. Then you can keep your 10K in the bank so you have an emergency fund.
Credit, Job History, Money are all part of the puzzle to a home Mortgage. For people to quote 100% financing without looking at the whole file is a mistake.
If you would like more information without pressure you can call me.
Mark Palace, CEO/Founder
Palace Properties International, Inc.
Lenders these days want to see buyers with good credit.
For the most part, the better the credit, the better the loan terms and interest rate.
Whether you are a first time buyer, or have purchased before makes no difference to the lender.
There are, however, loan programs available for first time home buyers and for those who have not owned in the previous 3 years.
This link shoud be helpful.
If you choose a loan with a fixed rate instead of an adjustable rate, your principal and interest payment will not change over the life of the loan. Expect taxes and insurance costs to fluctuate.
Best of luck.
I hope this helps you, if you need more information feel free to call me for a no obligation consultation.
Juan A. Oliva
Florida Licensed Mortgage Broker
Asap Mortgage and Investments
FHA Approved Broker
Member Florida Mortgage Brokers Association
Member National Mortgage Brokers Association
Rates for First timers are great right now... there aren't a lot of "risky" loans available for first timers because lenders just cut them off entirely.
There are some properties that are easier to get higher loan to value deals done than others - and it really just depends on YOU. I would be happy to work with you and show you how to make your situation work.
I am a full service real estate professional and I can help you with the best in service for both real estate and mortgages.
David Podgursky - Realtor
Licensed Mortgage Broker
also check out my website
My Community and the Fannie Mae Flex programs are some other options for first time buyers.
fha is not only for first time buyers(it's for anyone who will move into the house)
your fico can be as low as 500
forclosure after 2 years ok
bk after 2 years ok
grant programs...free down payment assistance programs
rite now their is no 100%
there are still PLENTY of great 1st time home buyer programs available, requiring little or NO money down. In most cases you can even even negociate that the seller pay ALL of your closing costs, right now. PMI is also now tax deductable. (and temporary)
This is a great time to buy now, because it is a buyers market and the deals are there just waiting for you guys, and you have 'the pick of the litter' as far as homes go...
Prudential Florida WCI Realty
561 703 6311
I am a realtor and real estate advice writer (who has been quoted in Money magazine, More magazine, etc.) and I generally answer questions on here to let people know about my book.
But since you asked a mortgage question, I'm going to direct you to Carolyn Warren's book. It is about mortgages written by a mortgage insider, and I have never given it to a client or friend who hasn't thanked me profusely. See web resources below.
author, "Diary of a Real Estate Rookie"
Believe it or not you are part of the best client pool in the real estate market. I wish you wanted to buy a home here in Minnesota :) There a great programs for you and they can be overwhelming when they are presented to you and your wife. The best way to find out what fits you and the property you want to purchase is to ask a mortgage broker. Mortgage brokers can (this might sound strange) shop you around to find you the best rate from a number of investors (lenders, banks etc.). Find a good realtor in your area and they can console you with all the in's and out's to help you save money and make good choices. A good agent will have a reputable lender they work with often. This is important because we do not want you to be sitting at the closing table wondering if the funds are going to go through or not (on the day you are scheduled to close). The internet is great for finding a number of things but I have heard of too many things that have gone wrong with internet lenders. Consult your friends, family and co-workers and see had a superior experience and go for it.
Good house hunting!