First Time Home Buyer Loan
Though securing a mortgage may feel confusing or a bit overwhelming, the good news is you can have a smoother experience with the help of a qualified first time home buyer loan originator like Tim Barr with Homestead Mortgage. There are many benefits to owning a home, and being a first time home buyer comes with advantages.
First-Time Home Buyer Loan Benefits
A first-time home buyer loan is designed to help people realize their dreams of becoming homeowners. These programs vary, but the general idea is to provide financial assistance to qualified buyers, which offer many benefits.
- Lower Down Payment
- Gives buyers the ability to make a small down payment, or no down payment at all.
- Interest Cost
- Helps borrowers qualify for a loan with lower interest rates, resulting is an easier monthly payment.
- Help With Fees
- Provides buyers with limits on how much lenders are allowed to charge for closing a loan.
First-Time Home Buyer Loans
Insured by the Federal Housing Administration (FHA), the FHA mortgage helps home buyers that have less than stellar credit and a low down payment. Comes with competitive interest rates, low closing costs, and flexible credit and income requirements.
Backed by the United States Department of Agriculture (USDA), the USDA mortgage offers a home buyer assistance program for homes in rural and suburban areas. There may be no down payment required, fixed loan payments, low mortgage insurance, and low rates.
Guaranteed by the U.S. Department of Veterans Affairs (VA), the VA mortgage loan helps active-duty military members, veterans and surviving spouses buy homes. Comes with competitive interest rates, require no down payment, no mortgage insurance, and no minimum credit score.