Michael understands how important it is for first-time homebuyers to have access to affordable financing. First-time homebuyer programs address several needs:

•  Down Payment- Lower down payments are allowed on several programs, including a 0% down program.

•  Source of Funds- First-time homebuyers can buy a home with as little as $1,500 of their own funds; the remainder of the funds needed can be in the form of a gift. Some government loans require no money from the borrower.

•  Counseling- Homebuyer counseling available on certain programs.

•  Underwriting Ratios- First-time homebuyers often need to spend a higher percentage (ratio) of their income on monthly housing and debt payments than is normally allowed. This is recognized and programs are available that allow these higher ratios.

•  Initial Monthly Payments- Some programs feature reduced monthly payments for fixed time periods to assist the first-time homebuyer.

•  Credit- Some first-time homebuyers may not have a history of credit references. Guidelines are often relaxed use alternative sources for credit ratings, such as rental and utility payments .

BENEFITS:

These first-time homebuyer programs allow many people who do not meet the standard requirements to be approved for mortgage financing. Without the availability of these programs, many people would simply not be able to buy a home. By selecting the right program, the first-time homebuyer can maximize their purchasing power and minimize their financing costs. Michael Dunsky will help the first-time homebuyer find the right program that best suits their needs.