BiggerPockets Real Estate Podcast

939: BiggerNews: 100% Financing for First-Time Home Buyers is HERE w/Jeff Welgan

Apr 19, 2024

Mortgage advisor Jeff Welgan discusses new 100% financing options for first-time home buyers, making it easier to buy a property with no money down. He shares insights on federal and state programs, low-money-down multifamily deals, and tips for qualifying for these loans. The focus is on affordability challenges, down payment assistance programs, and navigating the competitive real estate market.

39:24

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Jeff Welgan

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Quick takeaways

First-time home buyers can now get 100% financing with no money down, covering the entire purchase price and closing costs.

Income from accessory dwelling units can be considered for loan qualification, offering new opportunities for buyers in the current market.

Deep dives

Challenges in Home Buying Amid Inventory Shortage and High Interest Rates

The lack of inventory and high interest rates present significant challenges for home buyers and first-time investors. With rates rising faster than ever, many pre-approved buyers find themselves unable to qualify for current rates. This challenging market situation is further exacerbated by the lowest affordability index in 40 years.

Support for First Time Home Buyers

01:37

Introduction

4min

Exploring Financing Options for First-Time Home Buyers and Real Estate Investors

2min

Homeownership Programs and Real Estate Investment Options

11min

Strategies for First-Time Home Buyers in a Competitive Market

8min

Navigating Mortgage Options and Property Management Solutions

7min

Strategies for Financing First-Time Home Buyers and Accessory Dwelling Unit Income Consideration

4min

Strategies for House Hacking and ADU Additions for First-Time Investors

6min

If you’re a first-time home buyer, now may be one of the best times to get a loan in recent history, according to mortgage advisor Jeff Welgan. With new no-money-down mortgages coming out specifically to help first-time home buyers finally get into a property, you can now buy a house for no money out of pocket, with your entire purchase price and closing costs covered. These 100% financeable loans aren’t a secret, so why don’t most first-time home buyers know about them?

In this BiggerNews, we’re diving deep into the best first-time home buyer loans available in 2024, how to pick up your first property for NO MONEY out of pocket, and low-money-down multifamily deals any brand new investor can start buying today. With affordability at nearly forty-year lows, most Americans struggle to save up a down payment, even if they have enough income to qualify for a home loan. This is where 100% financeable loans come in, making it easier than ever to buy your first home.

So, who can get approved for these first-time home buyer mortgages, where do you find them, and how do they work? Jeff goes through these programs on the federal and state levels, showing first-time home buyers where to find them, which loans to avoid, and whether or not they can use these loans to buy their next property.

Thank you to our sponsor, Rent App: the free and easy way to collect rent.

In This Episode We Cover:

How to get 100% financing on your first property (no money down!)

Who qualifies for these first-time home buyer loans, and which properties require a down payment

The problem with FHA loans and where you should/shouldn’t use them

Rate buydowns and why this once valuable tool is no longer being used

How to invest in small multifamily with VERY little money down

And So Much More!

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