The FHA (Federal Housing Administration) has programs to help first time home buyers with little credit history and very little money down. Without much credit history, we can obtain letters of credit from the cell phone company, car insurance company or any other non-traditional source of solid repayment history.
The FHA wants an investment of 3% of the purchase price from the borrower. Hopefully the borrower has been saving up for their first house, but if not, the money can be gifted from a family member or close friend.
Beyond the credit and down payment solutions, the FHA also allows the seller to pay up to 6% of the purchase price toward the borrower's closing costs and pre-paid items like home-owner's insurance, title fees, appraisal and inspection charges and so on.
Interest rates are historically low. Houses are widely available and their prices are huge bargains in so many cases today. Get pre-approved and start shopping!
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