What Does It Take To Qualify For Government-Backed First-Time Homebuying Loans?

For some first-time buyers, government-backed loans may be easier to qualify for depending on your financial situation. “The credit score range is typically wider, allowing for lower credit scores and higher debt to income ratios, resulting in more clients qualifying to purchase,” explains Debbie Dierenfeld, a realtor with Realty One Group Impact.

“Many of my first-time homebuyers have student loans and are possibly starting a family. This is the perfect match for them and gives them more buying power they may not otherwise have.”

But federal loan programs aren’t the best for everyone. Think of it this way: When shoe shopping, you really want to find the shoe that fits your foot. In mortgage hunting, you want the mortgage that fits your financial profile.