There are many first time buyer mortgages available that will make obtaining your first home easier.

In most lender's eyes, being a First Time Home Buyer means that the borrower has not owned a home within the last three years of making application for a mortgage.

Many first time buyers want to buy a home but have little to no money to put down on a home. There are many mortgage programs that cater to these needs. One of the most common ways to buy a home is by utilizing what is called a "Combo Loan". A combo loan is a mortgage that is split up into 2 loans. The first mortgage will generally be 80% of the purchase price of the home while the second mortgage will be the remaining 20% of the purchase price. This allows homebuyers to buy a home with no money down and also allows consumers to avoid having to pay PMI, Private Mortgage Insurance. Therefore, if you are looking for a first time buyer mortgage please give us a call and we can figure out the best program for you.

Fannie Mae's MyCommunity Home Loan is a popular choice for first time buyers. This program allows for 100% financing and the purchaser is only required to contribute $500 into the transaction. This program also offers discounted Private Mortgage Insurance for 100% financing. For more information, call or e-mail at info@themortgageinfoguide.com.

First Time Buyer classification may apply to you if you are not on the mortgage or title of your current home in a non-community property state.

There are a couple of government sponsored programs that help first time home buyers financing their new home. Freddie Mac and Fannie Mae have great programs that can be forgiving to borrowers who are not strong with their asset portfolio or make the median income in their area.

If you have never owned a home before you should take into account that there is more to your monthly payment than just the mortgage. There are also taxes and insurance and possibly mortgage insurance if you are over 80% loan to value not to mention general upkeep and maintenance of your new home. You should keep these additional costs in mind when considering purchasing a new home.

If you qualify FHA and/or VA first time home buyer mortgages availible through the government are great programs for first time home buyers. They offer low rates and generally are not credit score driven so even borrowers with slight flaws on their credit can still qualify. You will have to go to a mortgage broker approved to do FHA and VA loans in order to apply for these types of first time home buyer mortgages.

Many First time home buyers are eligible for Seller concessions and local government programs as well. Check with your local mortgage broker expert for more advice on this.