First time home buyers

It will all depend on the purchase price.

FHA will probably be your best bet, but in all reality, we need more info to advise you.. But with FHA, you only need 3.5% down.. Additionally, you would also need to get your closing costs paid as well. If you don't have the money for closing costs, then there are way's to get them paid.. you can ask the seller to contribute, you can ask the lender for a lender credit to pay them.. or you can ask the real estate agent(s) to contribute, or a combination of all 3.. Also, there might be some local grants available to help you with the necessary down payment as well.. The best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

My best advice is to get off the internet and contact a local mortgage broker in your area. It might be enough depending on the purchase price and other variables. Maybe you can get a no down payment loan, a small down payment loan, or even down payment assistance. For this situation in MN, WI, or SD, visit me at www.JoeMetzler.com

Local banks usually offer most of the same options as a "broker" and in some cases have in house (portfolio) loans not available through a broker. Sometimes they actually have more flexibility, while brokers may have access to some unusual loan options for difficult cases, much of what they have is different places to send the same loan. Check with local community banks, they may have 100% financing options that work better than FHA or other low downpayment options. Otherwise, find a local lender that participates in the state housing program in your state. Good luck!