First-Time Homebuyer

Clients often contact us for information about first time homebuyer programs. Although they are often referred to as a separate category, low-down payment conventional loan programs and FHA loans are often referred to as First Time Homebuyer loans. These loans are meant to encourage homeownership by offering a more relaxed set of guidelines.

Another common misunderstanding is that First-Time Homebuyer programs are only for people who have never owned a home. Not true! Anyone who has not owned a home within three years is classified as a First-Time Homebuyer, provided that they meet the other qualifications. It is important to know that many programs require the borrower to take a quick buyer education course. They do this to ensure that first-time buyers are prepared to enter homeownership. And if you have owned a home within the past three years, we have low down payment options for you too!

Disclaimer: Loan product guidelines are subject to change. Contact your Caritas Mortgage loan officer for the most up-to-date information.