| Whether you live in Montgomery, Howard, Prince | | | | does not make loans directly to first time home buyers, |
| George's or Frederick county, there are many | | | | instead it insures the loans so that Nationwide lenders |
| mortgage loan options available to you as a first time | | | | can offer you favorable loan terms. |
| home buyer. One of the biggest barriers to first time | | | | This includes the interest rate on the loan and the type |
| home buyer ownership is the ability to save money for | | | | of loan that you get. As with all loans, you must qualify |
| a downpayment. In counties such as Montgomery, | | | | for a FHA loan. Loan qualification criteria is based on |
| where the average home price is $400,000 plus, even | | | | several factors that must be assessed on an individual |
| a 5% or 10% downpayment amounts to a great deal | | | | basis. |
| of money. | | | | How to qualify for a FHA Loan |
| Consider a renter, who lives in a townhome for 5 | | | | A seasoned lender can qualify you for a FHA loan. It is |
| years and is now paying over $2000 a month without | | | | extremely important to work with a knowledgeable |
| the benefit of equity or tax savings. This person can | | | | lender. Many first time home buyers find themselves in |
| readily purchase a nice townhouse, with little or no | | | | a situation where their loan officer neither informs of |
| downpayment through a first time home buyer | | | | first time home buyer assistance programs such as |
| mortgage program. | | | | FHAloans until they hear it from someone else - by |
| What is a FHA loan? | | | | which time it's too late. |
| FHA stands for Federal Housing Authority. The FHA | | | | |