First-Time Home Buyer Loan Program

As we all know, it is increasingly harder to obtain a loan on a home these days due to the amount of foreclosures that have occurred. Banks and mortgage companies are tightening their requirements and are hesitant to lend money--especially to first-time home buyers. This is especially difficult because many first-time home buyers don't have much money saved up yet or have perfect credit--the average age of a first-time home buyer is only about 26 years old. However, I have found a loan program that helps first-time home buyers, it is BB and T's Community Homeownership Incentive Program or CHIP. It is a loan program specially designed for first-time home buyers. Some of the benefits are: 1.) up to 97 per cent of financing available on various different property types including singled family homes, townhomes, condos and doublewide manufactured homes on permanent foundations and 2.) the private mortgage insurance is waived--over the long run that saves you a lot of money!!

If you don't have much money for a downpayment, have a lack of credit history and don't have an income that exceeds 80 per cent of your county median income, then this program may be right for you. Please contact me if you are interested in learning more about this program and I will connect you with the loan officer that I work with at BB and T. Don't be discouraged if you are a first-time home buyer--there are still good programs available to you and I want to help you find them and your dream house!