If you’re a first-time home buyer, now may be one of the best times to get a loan in recent history, according to mortgage advisor Jeff Welgan. With new no-money-down mortgages coming out specifically to help first-time home buyers finally get into a property, you can now buy a house for no money out of pocket, with your entire purchase price and closing costs covered. These 100% financeable loans aren’t a secret, so why don’t most first-time home buyers know about them?
In this BiggerNews, we’re diving deep into the best first-time home buyer loans available in 2024, how to pick up your first property for NO MONEY out of pocket, and low-money-down multifamily deals any brand new investor can start buying today. With affordability at nearly forty-year lows, most Americans struggle to save up a down payment, even if they have enough income to qualify for a home loan. This is where 100% financeable loans come in, making it easier than ever to buy your first home.
So, who can get approved for these first-time home buyer mortgages, where do you find them, and how do they work? Jeff goes through these programs on the federal and state levels, showing first-time home buyers where to find them, which loans to avoid, and whether or not they can use these loans to buy their next property.
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In This Episode We Cover:
How to get 100% financing on your first property (no money down!)
Who qualifies for these first-time home buyer loans, and which properties require a down payment
The problem with FHA loans and where you should/shouldn’t use them
Rate buydowns and why this once valuable tool is no longer being used
How to invest in small multifamily with VERY little money down
And So Much More!
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4 Popular Mortgage Programs for First-Time Home Buyers
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(00:00) Intro
(01:12) 100% Financing For Your FIRST Home?
(06:28) How These Loans Work
(11:40) The Problem with FHA Loans?
(14:35) Getting a Lower Mortgage Rate
(25:30) Low Money Down Multifamily Investing
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-939
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