Throughout my 25-year mortgage career, I have heard First-Time Homebuyers ask again and again if there are any “special deals” for First-Time Homebuyers.
The answer has always been “no” for the most part. There are some low money down (3%) loans that only First-Time Homebuyers qualify for, but these loans are often hard to qualify for and inferior to many other loans.
There are also “Down Payment Assistance” loans that are only available for First-Time Homebuyers, but they are often not advantageous either (explained in tomorrow’s blog).
Some title companies offer small discounts to fees for First-Time Homebuyers too, but they often amount to very little.
For the vast majority of competitive loans, including FHA (which has no First-Time Homebuyers requirement btw), there is no advantage at all for First-Time Homebuyers.
$500 CREDIT FOR CLOSING COSTS AT JVM FOR FIRST-TIME HOMEBUYERS
To better serve our First-Time Homebuyers, to better assist our agent-partners and to allow our Mortgage Analysts to finally say “yes” when they are asked if there are First-Time Homebuyer deals, JVM is now offering a real First-Time Homebuyer deal!
From now on, JVM will give every First-Time Homebuyer a $500 credit for closing costs.
This is effective for all contracts entered into on 11-20-19 or later, and it cannot be coupled with any other special closing cost credits or promotions offered by JVM.
To be a First-Time Homebuyer, potential buyers only need to have not owned a home for three years or more.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 310167