The First Time Home Buyer:

As a first-time home buyer, you may have a smaller savings for the down payment; maybe have student loans or pre-existent large debts; say you just started that career!  Don’t fear, mortgage rates are at an all-time low and there are a plentitude of low, to no down-payment lender programs, geared and administrated, for the first time home buyer.


Down payment is the money that comes from your bank account. You have a choice in financing options: paying the funds as stated before, or often, banks will lend you the entire purchase price of the home. This last one is called 100% financing (depending if that specific lender allows it). Example: you want to buy a home for $90,000.00 and also want to pay 10% down payment. This would mean you would place a payment of $9,000.00 down and the lender would finance the remaining $81,000.00. As the home buyer, the size of your down payment is up to you. Either way, 100% financing or a % of down payment, has its benefit.

  • If you make a smaller down payment, you will borrow more money from the lender, which in turn, raises your monthly payments. This allows you to buy a home sooner rather than wait more years to save for a down payment.
  • The more you “pay-down,” you have borrowed less from the lender and your monthly payments become lower.

Give Marty Anders a call now, she can clarify, explain and assist in connecting you with professional Mortgage Originators who specialize in First Time Home Buyer Programs.

Marty: 614-419-1518