One of the best ones to look into is the FHA203b home loan program. It offers the greatest flexibility to the first time home buyer without actually it having to be your first purchase.
Check out the page at Best FHA Home Loans for more details. This program has been around since 1934 and literally millions of people have used it.
With this program you can buy a house with as little as 3.5% down payment and credit score as low as 620.
Until recently (since the mortgage meltdown) the requirements of this program was in my mind the easiest to qualify for. It still is simple when compared to the conventional loan with much higher down payment requirements.
According to the FHA lending guidelines, is it possible for escrow to be paid out of packet instead of rolled into the loan? What are the guidelines for a 2nd time home owner? These are answered below…