First Time Home Buyer Mortgage

The Taber Group has access to one of the most aggressive first time home buyer programs in the country. Our 1st time home buyer program offers low and moderate income first time homebuyers a below-market fixed interest rate 30- and 40-year loans with additional assistance available for down payment and closing cost assistance. We truly enjoy helping and love to provide first time home buyer advice.

• Below market fixed interest rate 30-year and 40-year loans
• Down Payment assistance loans
• FHA, VA, RHS, and Fannie Mae Conventional

First time home buyer programs are different than first time home buyer grants. A first time home buyer program is funded by a state government bond that is issued to provide assistance to Nevada and Las Vegas first time home buyers. With the State of Nevada bond issue, the interest rates on these 30- and 40- year loans is typically .25% to .5% lower than the current market rate. Please call 702.400.9897 for the current market rate. This is a great loan for low income housing assistance.

There are some qualification guidelines that must be met to obtain a first time home buyer loan.

Qualification Guidelines

• A first -time homebuyer is someone who has not owned or co-owned  their own residence within the past three years. If purchasing in a Targeted Area ther are no restrictions on former home ownership.
  
• Total gross houshold income must fall within the Maximum Income Limits set by NHD.
  
• The purchase price of the residence you wish to buy may not exceed the Maximum Purchase Price Limits for the area in which it's located.
  
• Assets, including without limitation, may not exceed 50 percent of the purchase price of the residence being purchased , unless disabled or elderly and such assets are the primary source of income.
  
• Income must support the repayment of the loan pursuant to the underwriting criteria applied by FHA, VA, RHS, or Fannie Mae, as applicable.
  
• Credit must meet the underwriting criteria applied by FHA, VA, RHS, or Fannie Mae as applicable.

First time home buyer programs are a great way to purchase your first home. These programs are designed specifically get a first time home buyers that are new in the work force, are low to moderate income or looking for the lowest 30 year fixed rate available.

Following are the 5 steps to obtain a first time home buyer loan.

1. Pre-qualify for a first time home buyer loan -  Visit our Application section to get started. 
   
2. First Time Homebuyer Education Class - First time home buyer education is important to your success as well as a requirement for the program.
   
3. Locate an affordable residence - Begin looking for an eligible residence you can afford based on the information you lender provided. Although no required, using the services of a real estate professional is recommended.
   
4. Enter into a Real Estate Purchase Contract - The agreement is the contract used to purchase a home. It specifies the lgal obligations of the seller and the buyer, establishes a specific date of purchase and sets the price of the home. This contract should allow enough time for a complete home inspection, (on an existing home), home appraisal and loan approval. In this agreement, it should state that if you are not satisfied with the home inspection, or you do not obtain a NHD first time home buyer loan, the contract is cancelled and your earnest money will be refunded.
   
5. Apply for a loan - At this point you can formerly apply for a NHD first time home buyer loan. Only one applicaiton made per applicant and funds are reserved on a first-come first-serve basis.
   

Here are some more things you should know about our first time home buyer mortgages.

What type of loans are currently available?
Below market fixed interest rate 30- and 40- year loans include FHA, VA, RHS and Fannie Mae Convetional, per limits and guidelines.

What fees will be incurred?
An origination fee not to exceed 1%, application fee, document preparation fee, appraisal fee, credit report fee, titile insurance premium, recording fee, etc, in accordance with FHA, VA, RHS, or Fannie Mae limits and rules.

What are the household income limits?
Household income includes the income of all household members 18 years of age or older, regardless of wheter they will be on title or not. It includes all sources of income, from all household members, earned or unearned. Overtime pay, bonuses, tips, part-time employment, shift differential will be projected in an amount consistent with the earnings history of eah household member.