First Time Home Buyer Loan

First Time Home Buyer Resources

first time home buyer Buying your first home is a major decision, but along with that first home comes some major benefits. A home gives you the ability to find the space that suits your needs. It offers potential tax benefits, the option to refinance later, and it could eventually produce a long-term financial gain by increasing in value. If you want to enjoy the benefits of homeownership, 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.

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First Time Home Buyer Loans

Here are some of the options that you can discuss with a certified loan specialist:

30 Year Fixed Rate Mortgage – Offers steady monthly payments over a 30 year repayment term, so payments are more affordable as compared to mortgages with shorter terms.

15 Year Fixed Rate Mortgage – You can pay off your mortgage faster and reduce your interest payments over the life of the loan.

VA Loan – These loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and offered to American veterans. It can be obtained without a down payment and doesn’t require private mortgage insurance.

FHA Loan – This loan type is a popular choice among first time home buyers. Insured by the Federal Housing Administration (FHA), this loan gives the flexibility of buying a home with a lower down payment and credit score.

Conventional Loan  Down payments as low as 3% are possible with this loan type. These loans have fewer restrictions than government-guaranteed loans. Conventional loans offer more flexible terms and program benefits.

Adjustable Rate Mortgage – A loan with an interest rate that changes. There is an initial period where the rate is fixed, after which, the interest rate adjusts according to the market and loan terms.

Jumbo Loan – Exceeds the loan limit set by Freddie Mac and Fannie Mae. Typically, in most counties the Jumbo Loan limit is $484,350 but in some areas due to higher home prices, that limit is $726,525.

Home Improvement – A loan that’s used for home renovation or to buy a fixer-upper.

Interest-Only Loan – A borrower has the option to only make monthly interest payments due on a mortgage for a preset term, which is usually between 5 to 7 years.

I CAN Mortgage – This loan allows you to customize your loan term from 8 to 30 years.

USDA Loan – No down payment is required on this loan type.

First Time Home Buyers Programs

Need down payment assistance? You may be able to get help through bond and grant programs offered in your local area. We have several options that are administered through local, state and non-profit agencies. The money could be used to cover your down payment or closing costs. Check out First Time Home Buyer Programs to review your options.

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Estimate What You Can Afford

To determine the amount you can afford to spend on monthly payments based on your current income and expenses, you can use our handy mortgage payment calculator.

If you're unfamiliar with mortgages, we have resources like our information-rich first time home buyer blog and a Mortgage Glossary that can help educate you on the home buying process.

Call us at 1-800-890-1057 for help today!

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