Buying your first home is a major decision - and it comes with some major benefits. A home gives you the ability to find the space that suits your needs, it offers tax benefits, and it could eventually produce a long-term financial gain by increasing in value. If you want to enjoy the benefits of home ownership, you may wonder where do you begin the process. There are several first time home buyer programs that offer low rates so you can afford the house of your dreams.
Here are some of the options that you can discuss with a certified loan specialist:
- Fixed Rate Mortgages: The mortgage interest rate remains the same on these loans throughout the mortgage term. The 30-year fixed rate mortgage is often a popular option for first-time homebuyers.
- Adjustable Rate Mortgages: An adjustable mortgage has an interest rate that is adjusted periodically based on a pre-selected index. The advantage of an ARM is that you may be able to afford a more expensive house because your initial interest rate and payments will be lower in the first few years.
- FHA Loans: This is a low interest loan insured by the Federal Housing Administration that is open to all qualified homebuyers. While there are loan limits for FHA loans, they're usually sufficient to cover most moderately priced homes anywhere in the country.
- VA Loans: A long-term, low-to-no down payment loan guaranteed by the Department of Veterans Affairs. It's restricted to individuals qualified by military service or other entitlements.
We specialize in first time buyer programs and have down payment assistance options in your area. If you're unfamiliar with mortgages, we have resources like our information-rich blogs and a Mortgage Glossary that can help educate you on the home buying process.
To help determine the amount you can afford to spend on monthly payments based on your current income and expenses, you can use our mortgage calculator.
Call us at 1-800-890-1057 for help today!