Florida-based mortgage lender Rick Pedrosa has been serving the financial needs of clients for more than two decades. A successful business owner, Rick Pedrosa serves as the president of his company, LendMe Mortgage, LLC., where he is dedicated to securing the best possible mortgage terms for first-time home buyers.
There are a number of mortgage programs aimed specifically at first-time home buyers that require a smaller (if any) down payment and in some instances accepting a relatively lower credit score than traditional borrowing paths. For example, the FHA Loan Program is among the most popular, offering a minimum down payment which can be gifted, lower allowable credit scores, and in some instances lower than average market interest rates.
The VA Loan Program, available to active military members and veterans, is also a popular option. This program requires no down payment, offers typically lower interest rates, and has no minimum credit score among other benefits. The USDA Rural Development Loan is another program for home buyers looking to live in rural areas that doesn’t require a down payment.
The Conventional 97 program is yet another popular mortgage option for first-time buyers. This program only requires a 3 percent down payment, and since it’s a Fannie Mae product, it can be used with any of Fannie Mae's authorized lenders.