The rate will adjust with the market after the initial fixed rate period according to the terms established when you close. A low initial rate may help you qualify for a larger loan. They are not restricted to first time home buyers. If you've had a bankruptcy discharged and good credit since, you may qualify after two years. Gift down payments are permitted.
Government loans allow a higher debt ratio than conventional loans.
These loans offer modestly higher interest rates, but may allow you to buy or refinance when your credit is poor or you are self-employed. Most, but not all, require substantial down payments. Close Loans New home construction loans can provide construction and permanent financing all in one closing. Your paid off lot will be your down payment and, if necessary, we can even pay off the lot. If you already own your home and need extra cash, a second mortgage or debt consolidation loan may be the way to go.