First Time Home Buyer Loan

Improved Mortgage Rates 

If you've been dreaming of home ownership but thought it was out of reach, we have great news for you! Fannie Mae and Freddie Mac have recently made adjustments to the way mortgage interest rates are determined for first time home buyers.

Young Couple Buying Their First HomeFannie/Freddie have waived ALL rate adjustments (Loan Level Price Adjustments LLPA) for first time home buyers at or less than AMI (Area Median Income) or in counties that are High Balance Loan eligible of 120 AMI. The LLPA is a fee that can be added to a loan to reflect the perceived risk of that loan.

By removing this fee on certain loans, Fannie Mae and Freddie Mac have made it less expensive for first time home buyers to buy a home. This will make home ownership more accessable for first time buyers as well as lower-income borrowers. 
What Does This Mean For You?

Lower interest rates because:

  • No adjustments for a low FICO score 
  • No adjustments for lower down payment 
  • No adjustments for condos

What's the catch? 

  • You must be a first time home buyer (Can't have owned real estate in the past 36 months)

Plus... In the Metro Denver counties (Denver, Jefferson, Douglas, Arapahoe, Adams and Broomfield) you can't make more than $141,398 in annual income. 

  • Places like Boulder, Summit and Eagle county income limit is even higher.  

What if you don't buy in one of these counties?

The income limits become $117,832

The best news is this change is effective immediatley! 

Denver Realty Pro, LLC works with some of the BEST lenders in the Metro Denver Area that would love to discuss loan options with you. Please call us today and we will start the process.