The best news is that it offers unique features that will be very helping for the First Time Home Buyer. Fannie Mae’s HomeReady Program is designed to remove many of the restrictions that have previously been imposed upon today’s home buyers.

The time may have never been better to become a first time home buyer with low credit scores, as FHA, Fannie Mae, Freddie Mac and the VA have announced expanded guidelines for home-ownership. Both the Bush and Obama Administration did a commendable job in keeping interest rates low for Americans looking to buy or refinance their home.

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There’s good news for first-time homebuyers: The Fannie Mae HomePath property program means you could get your closing costs paid for, or at least up to 3% of the price of the home-provided you.

Renovation Loan Nj Renovation Loan Nj – FHA Lenders Near Me – Renovation loans such as FHA 203(k) or FannieMae HomeStyle allow you to finance the purchase or refinance of your primary residence and to repair, improve, or upgrade the home with one loan. NJ 203K Loans. New jersey fha 203(K) Rehab loan guide. fha loans are not just loans for first-time homebuyers anymore.

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Fannie Mae adds that an individual who is a displaced homemaker or single parent may be considered a first-time home buyer if he or she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-year time period.

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There are also assistance plans available from Fannie Mae and Freddie Mac, featuring 3%-5% down payments, and each comes with it own pros and cons. First-time home-buyers should also look into state.

"To be realistic, first-time homebuyers should just accept a condo – or accept that they need to move to Texas," he says. Source: More first-time buyers skip starter home stage for bigger, better, by Hal Bundrick, published by USA Today, July 16, 2016.

Fannie Mae recently announced 3% down payment mortgages to help first-time homebuyers who can’t afford a large down payment but would otherwise qualify for a mortgage. First-time homebuyers interested in this option should ask their lender about the program and discuss the eligibility requirements, including underwriting, income documentation.

Here’s an important question for anyone who is hoping to buy a home. first-time buyers and others who can’t pass all the strict tests to get approved? The good-news answer is yes. A recent survey.