First Time Home Buyers

Buying a home for the first time can be daunting.  For most, it’s hard to know where to start or what to look for.  That’s where Redmond Mortgage comes in!  We not only specialize in purchasing loans, but we also LOVE helping our first-time clients find the perfect homes.  It’s truly exciting!

There are many programs that are perfect for those looking to buy their first home.  Programs are always arising to add to these options, so check with one of our mortgage specialists so we can help craft the best path forward for you.  Below are just a few that are currently available:

100% (No Money Down) Financing Programs:

  • FHA Down Payment Assistance (Step Up Program)
    • Alabama Only
    • FHA & AHFA (Alabama Home Finance Authority)
    • 30 year fixed rate 1st mtg // 10 year fixed rate 2nd mtg (for down pmt)
  • FHA DPA (down payment assistance) for qualified buyers
    • 30 year fixed rate loan through FHA
    • Grants available for down payment assistance
  • USDA (U.S. Department of Agriculture)
    • Rural financing for homes in the approved geographic area:
    • Income limitations may apply
  • VA (Veterans Affairs) Loans
    • 100% Financing for Veterans that qualify
    • See more on VA loans here: (link to our VA page)

Loan Programs with 1st-Time Home Buyer Perks:

  • Fannie Mae & Freddie Mac for first-time buyers
    • Low Down Payment requirements of 3% down
    • Home Ready (Fannie) & Home Possible (Freddie) often have lower interest & PMI rates
  • FHA (Federal Housing Administration)
    • Low Down Payment of 3.5% down
    • Down Payment money can be gifted
    • Allows for higher debt to income (DTI) for more spending power
    • Low Credit Score options (down payment options may vary)
  • Local Programs
    • Programs can vary per county or state so call one of our Mortgage Specialists today to see what’s best for you!