Are the rates for first time buyers usually higher?

No and yes, at least in general. Some first time buyer programs allow for lower down payments,sometimes down payment assistance and thus rate might be just a little higher on 30 year CONVENTIONAL first time buyer fixed programs. But generally mid credit scores over 740 and how much you put down will give you the best rate pricing on most conventional loan programs.You might only put down 5% with us and still have the best rate available with onlya very little difference in pricing from the best down payment and credit score loan scenario with 40% down and over 740 mid credit score.

Not just because your a first time home buyer. Rates are determined by loan to value, credit score and the terms and conditions of the loan program you choose. So pretty much yes, how much down and credit score.

FHA and VA are usually the most friendly wise with lesser credit scores. But when starting to getting into the conventional loans, the higher the credit score the better.

Maybe... First, all your basic loans do NOT have a higher rate for a first time buyers. Rate is based on a few factors, the biggest being program, down payment size, and credit score. So regardless if you are a first time buyer or not, those are the things that effect interest rate. BUT, it you are using some sort of first time home buyer program, you MAY pay a higher rate for some of those programs. You MAY also pay a lower rate for some of those programs. How is that for a no answer answer? Talk to a local mortgage broker in your area. Give them a full application, and they can help you figure out what program works best for you. In MN, WI, and SD - visit www.TwinCityHomeLoans.com

The Real Answer is NO. all of the other variables that the rest of these answers are talking about are details of the transaction. First Time buyer or not. the rates are the same. If you would like to be educated along the way and know enough to make the approriate decision about the loan you get for yourself. find a lender that will teach you along the way, that is what I do. David Schwartz 714-227-5087Have a great day!

First time buyers are not something that lenders use to price their loans.. Credit score, Loan to Value, which state the property resides in, Property type (SFH, Condo, MFH, etc.) all are used in determining one's interest rate. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com