First-time homebuyers

A mortgage broker acts as a third party intermediary between a borrower and different lenders to ensure the most beneficial financing is made available to the borrower. Most first time home buyer loans require a down payment. Conventional loans typically require a 10%-20% down payment for approval whereas these only require a 3% down payment. In addition to the low down payment, the borrower is allowed to wrap the closing costs into the mortgage. The closing costs on a first time home buyer loan are typically the responsibility of the buyer unless otherwise stated in the purchase agreement.