100% Mortgage Loans for Many First Time Home Buyers Available in California and Florida

One hundred percent home mortgage loan programs available for first time home buyers, even with stated income. Freefinancialconsulting.com provides first time home buyers with information on home loans.

Rancho Cucamonga, CA (PRWEB) August 4, 2006

A person's decision to be a first time home buyer is both a sound financial decision and a commendable achievement. But before starting, here is some home buying advice that helps put a person in their dream home.

First time home buyers should not feel overwhelmed at the process of purchasing their first home. A professional, patient lender who specializes in loans for first time home buyers, as well as takes the time to educate the buyer in the loan process is advised.

When a person first meets with the lender, they should bring all their “dumb” questions. Again, a lender who deals with first time home buyers will be more equipped to answer all of a person's questions and ease their fears. An experienced loan consultant will guide people through the loan process and make their dream of owning a home a reality.

Many lenders have 100 percent loans available to first time home buyers who do not have enough money for a down payment. Our research has even found a 100 percent loan, which only requires a “stated income.”

A stated income is different from a “verified” income where the lender will require current pay stubs to verify a person's income. With a stated income loan, the lender will accept what the borrower “states” as his or her income. The stated income must be within reason. People can’t say that they are a fast food cashier who makes $60,000 per year.

Our research also uncovered a first time home buyer, 100 percent, stated income loan that requires no reserves. A reserve usually refers to monthly payments. If a lender requires 2 months reserves, they are looking for 2 months P.I.T.I. (principal, interest, taxes & insurance) in a liquid account.

A FICO (credit) score is very important for first time home buyers. Our research discovered that the above described loan qualified with a FICO score as low as 640. The higher the FICO score, the more programs available for first time home buyers. We found some good loan programs with FICO scores as low as 620, but with the lower FICO score, a person would lose some perks like no reserves or some stated programs, etc.

For more information on home loans for first time home buyers, please call 866 398 4664 or go to http://www.freefinancialconsulting.com.

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