First Time Home Buyers

Unique Loan Programs for First-Time Buyers!

Scenario One:

Conventional High Balance Nationwide up to $679,650

While my competitors can only offer borrowers a Jumbo where high balance isn’t available, I’m can offer Conventional High Balance Nationwide. Now, all my borrowers are eligible for conventional loans up to $679,650, even those outside of the counties eligible under Fannie Mae and Freddie Mac. Details include:

  • Min 680 FICO
  • Max 80% LTV/43% DTI
  • Eligible for primary and second homes

Scenario Two:

97% LTV/105% CLTV, 3% 2nd forgiven in 3 years AND NO payment and 0% APR

  • 3% down and only 1% borrower contribution AND 1% reserves, no MI, based on purchase price and a 680 FICO, 5% down required if FICO is 660-679.
  • This program is also available for rate/term refinances, restrictions apply.
  • Loan Amount up to $453,100 for one unit or $580,250 for two units (rental income from the second unit can be included).
  • Can be combined with lender specific second: a Maximum loan amount of up to $9,342 for a single unit and $11,961 for two units
  • A gift from a family member or a grant or loan from a bank approved nonprofit organization, municipality or employer is acceptable.
  • Available in the following counties that I serve:


Santa Clara

Contra Costa


San Francisco

San Mateo


Scenario Three:

FHA Loans

Among the many loan options available today is an FHA loan. An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Basically, the federal government insures loans for FHA-approved lenders in order to decrease their risk of loss if a borrower defaults on their mortgage payment.

An FHA loan has more relaxed guidelines in comparison to other types of loans, as it requires a low downpayment and borrowers can have less than perfect credit. An FHA down payment can be as little as 3.5%. Because the requirements are not as strict as, say a conventional loan, additional insurance is required.

The two types of mortgage insurance required for an FHA loan is an upfront mortgage insurance premium (UFMIP) paid at loan closing, and the other is an annual MIP, that is paid monthly as part of the loan payment.

A popular FHA Loan is The 203(b) FHA Fixed Rate Mortgage Loan Program is a widely used FHA home loan, especially among first time home buyers. The 203(b) FHA loan keeps your down payment to a minimum. Your closing costs may also be reduced. The 203(b) FHA loan will finance up to ninety-seven percent of your loan. You must qualify with some debt-to-income ratios, but the 203(b) does not have a minimum income requirement.


North Star Mortgage and Realty is an FHA approved lender but is not affiliated with the FHA or the federal government. Each is solely responsible for the products and services it offers.

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