First Time Home Loans
The Best Sources for
First Time Home Loans.
Getting first time home loans is not as easy as it was a couple
of years ago. The subprime mortgage crisis has caused billions of dollars in
losses. To this day, the secondary mortgage market is not properly functioning.
Most lenders have tightened their
lending standards significantly. The qualification process is now much more stringent
at most lending institutions. As you could probably guess, many lenders have gone too far with the tightening process and have made
it exceedingly difficult to qualify for first time home loans.
Best
Lender For First Time Home Loans
Unfortunately, some lenders do not like
to provide first time home loans (due to the buyer not having a track record
of making mortgage payments),
and prefer instead to only provide loans to people who have
previously owned a home.
When searching for a mortgage lender, it is important to
find one that eagerly works with first time home buyers and also hasn't
excessively tightened its lending standards because of the subprime
mortgage crisis.
We recommend ING
DIRECT Orange Mortgage.
They have the lowest rates available, an easy online application, and
they welcome first
time home buyers. Additionally they have not been as severely hurt by
the subprime mortgage crisis and are still approving the majority of
applications.If you are searching
for a first time home loan, ING is an excellent choice. There are also programs
to help with the down payment. Please visit
down
payment assistance as well as
first time home buyer grants to learn of all the different state programs
that are available to first time
home buyers.
