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  At American Brokerage we cater to the newcomers in homebuying. We have a number of programs to help a first time homebuyer become a homeowner quick and painless. If you are a first time home buyer, we can assist you in finding the perfect first time home loan. We realize that shopping for your first mortgage loan can be difficult, stressful, and at times, confusing. With American Brokerage you can overcome the challenges that many first time home buyers face. American Brokerage is the industry leader in making home loan mortgage process easy. Depending upon your specific home loan needs, our lenders are able to offer a variety of loan programs. These loan programs vary from conventional zero down loans to special finance loans for those first time home buyers with credit issues. American Brokerage can still offer a 100%, zero down payment, mortgage in most cases to our clients with bad, or damaged credit. Our staff is standing by to assist you with your mortgage application. We look forward to helping you with your home loan needs. American Brokerage can typically approve your first time buyer, zero down loan the same day you apply. Your 100% purchase mortgage is a click away. American Brokerage does take mortgage applications by telephone; Please call (800) 874-8760. WIthin five to ten minutes we will assess your options as a first time home buyer. Your mortgage approval typically takes less than twenty-four hours. First time home buyer Discounted rates with lower payments certainly helps the first time home buyers in the initial years. It is useful for people with low income. Discount mortgages are cheaper than the other mortgages. A 5% discount rate is considered to be the lowest. It is essential to look around for the cheap mortgage rates in order to find the difference between various mortgage programs. The buyers have to ensure that the value of the mortgage does not exceed the value of the property. The first time buyers with low deposits should try their best to avoid mortgage indemnity guarantees. The first step for getting a loan for the first time home buyer is to get pre-qualified and pre-approved. Pre-qualification is important because the buyer will know exactly the kind of house he can afford. Pre-approval tells the seller that you are a serious buyer and you can meet the mortgage payments. Generally, you can purchase a home with a value of two to three times your annual household income, depending on your savings and debts. However, special loan programs are available for the first time home buyer to help them purchase homes with higher value. Many programs are available that make getting a first home mortgage easy. National programs like the FHA (Federal Housing Administration), VA (Veterans Administration); RHCDS (Rural Housing and Community Development Service) are very helpful for getting a loan for the first time homebuyer. A first time home buyer program specifically tailored for low to moderate income families is offered in almost all the states. Courses in homeownership may be offered in your community or online. Make use of such resources to become an informed homebuyer. There are two broad categories of mortgages: fixed and adjustable rate. All mortgages fall into one of these two categories. In a fixed rate mortgage, the interest rate is the same throughout the term of the mortgage. In an adjustable rate mortgage, the interest rate is subject to changes throughout the term of the mortgage. Within these two broad categories, there are many different types of mortgages. Each is designed to cater to people in different financial situations. Many of them are for the first home buyer. For most people, the mortgage payment may include three parts:
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