First time home buyers
Almost all first time home buyers have the same question, “What is the best loan program for me?” The answer to that question is far from simple. There are many loan products that can be used to help first time home buyers. The best one is usually highly specific to the individual buyer. I will help you find the best loan program for you.
No two first time home buyers are the same so the best loan will be based on your individual buyer profile. Are you looking for the lowest monthly payment? Do you need help with the down payment? Do you have credit challenges? Do you make too much money for some loan programs? Do you have gift or grant funds available for the down payment? Where are you looking to buy? It takes a lot of questions and a lot of loan products to be able to find the best loan for each first time home buyer. Make sure you are working with someone who has all the tools to fit your situation. We can will work with your Realtor to structure an offer that fits your needs.
HomeReady and Home Possible
Pros: 3% Down payment, Reduced mortgage
insurance, and Flexible qualifying.
Cons: Income limits in most areas.
FHA Loans
Pros: 3.5% Down payment, Good rates for those with less than perfect credit
Cons: Mortgage insurance can’t be dropped
USDA Loans
Pros: 0% Down payment, Good rates, and reduced mortgage insurance.
Cons: Can’t be used in all areas.
Conventional Loans
Pros: 3% Down payment, good rates, Mortgage insurance can be cancelled
Cons: Best for well qualified buyers
VA Loans
Pros: 0% Down payment, good rates, flexible qualifying
Cons: Only for current or former military
