There are many mortgage programs that are available for 1st Time Home Buyers. These loan programs are zero down programs, and have low PMI payments with a minimum credit score of 620. The PMI is a discounted coverage provided by Fannie Mae & Freddie Mac. MyCommunity mortgages are provided by Fannie Mae, and have been helping the North Carolina Real Estate subprime market in a positive manner. HomePossible Mortgages is equivalent to the MyCommunity mortgage program, but it is provided by Freddie Mac.
These mortgage programs have no minimum borrower contribution, and have financing up to a 40yr fixed mortgage.