What's the best option for a first time home buyer?

All states have some type of 1st time home buyers assistance programs. Also check with your counties and cities to see if they have grant monies available.

FHA 3.5% down. Many sellers will help with closing cost assistance.

FHA loans are great programs because of the low down payment and low interest rates. However, with an FHA loan comes mortgage insurance. Contact a local lender to go over your individual situation to figure out what your best option is.

Nancy gave a great answer regarding the conventional low down program. However, your best option depends on a lot of variables. Thebest way to find out your best option is to sit down with a local, licensed mortgage professional and find out what all your options may beand then you can find the best option for your particular situation.

You have several options, from conventional financing to FHA.. Even USDA.. so it really depends on your particular scenario.. You have to get pre approved first, and once that's done, then you should contact a local real estate agent.. so to get started you should LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders. He also has established relationships with local realtors and can help you find the right professional to help you on your quest to home ownership. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

There are several options. If your credit is great the I would suggest doing a conforming 97% loan to value. You only have to come to the table with 3%and the MI is going to be much cheaper & better then an FHA loan.

The FHA loan program is a very popular option for first-time home buyers. With an FHA loan you can put as little as 3.5 percent down and you are not required to have as high of a credit score as with a conventional loan.

You have several options, from conventional financing to FHA.. Even USDA.. so it really depends on your particular scenario.. You have to get pre approved first, and once that's done, then you should contact a local real estate agent.. so to get started you should LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders. He also has established relationships with local realtors and can help you find the right professional to help you on your quest to home ownership. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com