Being a First Time Home Buyer can be both an exciting and scary time. Too often I hear of people trying to navigate this on their own only to end up frustrated, defeated, and renting.
Since you found this page, you’re officially on the right track! You’ve got me, a seasoned professional who’s helped MANY First Time Home Buyers acheive the dream of homeownership! I’ve got your back and have great lending relationships to help! My team and I WILL help you become a homeowner!
What programs are available to First Time Home Buyers? I’ll outline this for you and provide you some key information as well.
Conventional loans are originated, backed and serviced by private mortgage lenders like banks, credit unions and other financial institutions. It is the loan program you hear the most about. It’s ideal for borrowers with solid credit profiles and money to put down. The key features to a conventional laon is often lower interest rates while putting as little as 3% down payment.
The FHA loan is the most popular government-backed home loan in the country. These low down payment loans are made by qualified lenders and guaranteed by the Federal Housing Administration (FHA). It’s ideal for borrowers with lower credit scores or more debt. The key features to a FHA loan is 3.5% down payment while having a lower credit score than required by conventional loans.
The USDA Loan is a mortgage option available to some rural and suburban homebuyers. USDA Home Loans are issued by qualified lenders and guaranteed by the United States Department of Agriculture (USDA). It’s ideal for borrowers seeking property in rural areas. The key features are a 0% down* 100% financed funded loan.
VA loans help Servicemembers, Veterans, and eligible surviving spouses become homeowners. It’s ideal for those who qualify and receive a Certificate of Eligibility from the VA. The key features is no Private Mortgage Insurance and it is truly a 0% down payment loan with little to no closing costs.
For many people, the cash downpayment required to buy a home is a significant hurdle. In partnership with my qualified lenders, we can lower this barrier by offering downpayment assistance loans for homebuyers who use qualified mortgage programs (Home Advantage and House Key). It’s ideal for borrowers with little to no money down, however income limits do apply. The key features are the 0%* down payment where the program provides assistance up to 4% of the loan amount. The 4% covers the entire down payment and some of the closing costs. The 4% assistance is a 0% interest loan with no payments due. You only have to pay back the 4% if you sell, refinance or at the end of 30 years.
*check with your lender to see if you qualify.
The first step is getting you connected with a mortgage lender who can service ALL the loan types mentioned above. I have different lender options I can connect you with and can help determine which loan type is best for you. Even if you’re not ready to buy now, meeting with a lender is key to get you on the right path. There is never any obligation!
Truthfully, I have had people tell me “There’s no way I can buy…” only to then find out they CAN!
Call or text me today at 425-426-9570 and let’s get you on the path to homeownership!