4 First Time Home Buyer 2012 Options

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Want to become a first time home buyer in 2012? It's not an impossible task. Getting your credit established or improved can take time and effort, sometimes up to 12 months of work in fact. But that's not always the case. Getting your credit mortgage-ready is one step in the process, but there's more you can do if you want to become a 2012 first home buyer. Another important step is education. Understanding what options are available for financing your first house this year will help get your portfolio in good standing. Do you need to save up a down payment? Do you need to consider buying an older home and fix it up? What about finding a house in the country?

All of these questions lead us to looking at all of the mortgage loans available to you today. Instead of sifting through all of the options - which of course you're more than welcome to do - here are 4 first time home buyer 2012 options for you to consider.

1. Standard FHA loan. This is the go-to mortgage for most first time home buyers because of the low down payment requirement. FHA wants you to have a little skin in the game, but not "too much." You'll need 3.5% of the purchase price saved up for your down payment. Find out other benefits by reading Why Use FHA for Your First Mortgage.
2. FHA 203k. This FHA option helps you buy a fixer-upper and roll the cost of the repairs and upgrades into the life of the mortgage. This means that you only pay about $6 more per month for every $1,000 in work you finance.
3. USDA Rural Development. This zero-down option is awesome for first time home buyers who have little-to-no down payment saved up. Whatever you do have saved up can go towards the first payment or maybe a new couch!
4. HomePath Mortgage. Financing a Fannie Mae-owned home with HomePath can come with many benefits to the first time home buyer. A low 3% down payment is just the beginning. HomePath also allows you to avoid monthly mortgage insurance. Plus, many of the houses on the HomePath listing website are cheaper than "regular" homes. 

Learn more about the first time home buyer 2012 experience with our free eBook, "The Essential Guide to Buying Your First Home." You can get your copy today at the button below.