First-Time Home Buyer Programs


For most people, buying a home is one of the most important decisions of their lives. The decision is not usually an easy one. But trends in home prices and mortgage rates, combined with the tax advantages of home ownership, make this an excellent time to turn the home of your dreams into a reality.

Take a good look at your personal financial situation in comparison to the trends of home prices and mortgage programs. You will probably discover that you are closer to home ownership than you may think.

Advanced Funding has a diversified selection of loan programs that can help the first-time home buyer obtain the American dream. Our Community Home Buyer Programs allow home buyers to put as little as 2% of their own money down. There are several programs that allow for only 3% down. These programs allow for more purchasing power by allowing home buyers to use more of their income to qualify as well as using other income that might otherwise not be allowed.

The following is an example of how Advanced Funding's Community Home Buyer Programs work to reduce the income you need to obtain the loan and the cash you need for closing. This example is for a $95,000.00 house and uses 5% as the low down payment (however, keep in mind that the entire 5% does not have to come from the borrower's own funds, only 2% needs to be the borrower's own funds, 3% can come from various other sources).

Community Home
Buyer Program		 Standard
Mortgage
Loan Amount $90,250.00 $90,250.00
Down Payment (5% Total) $ 4,750.00 $ 4,750.00
Principal & Interest Payment* $ 662.22 $ 662.22
Tax & Insurance Payment $ 140.00 $ 140.00
Minimum Annual Income Needed
To Obtain This Mortgage		 $27,600.00 $34,380.86
Mandatory Cash Reserves
(most programs)		 $ 0.00 $ 1,604.44
Total Cash Required To Close $ 7,750.00 $ 9,354.00

*On a 30 year fixed rate loan at 8.0% and zero points.

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