When you are buying your first home, it seems there is so much to know and it’s easy to feel overwhelmed. That’s why it’s so important to do a little research so that you become educated about the process. Thus, you will have an edge in today’s current market.
It is important to get pre-approved to find out how much you can afford for a house. Getting pre-approved with Advisor’s Mortgage is completely FREE. We not only tell you the maximum amount that you can afford, but will also advise you on different monthly payment amounts so that you can live within YOUR budget.
Click here to Find Out How Much You Qualify for.
Here are some of the most popular loan programs and mortgage types available to first time home buyers:
This is the perfect mortgage for those people with only a little money down; you will only need about 3.5% for a down payment and the money can come as a gift from a relative. This loan is not only for those with great credit, but also those with less than perfect credit.
30 Year Fixed Conventional Loan:
This loan will require that you have at least 5% of your own money for a down payment. You will also need excellent credit to qualify for the best rate possible. However, an option does exist if you don’t have the traditional 20% down, you can buy out of the mortgage insurance for the best deal right now on the market.
This program is for members of the Armed Forces or National Guard, past or present. It is a fantastic program with loose credit standards, upfront mortgage guarantee fee financed in the loan, and no monthly mortgage insurance.
There are only a few options left. One popular option is the USDA Rural Development loan. This loan requires an upfront mortgage guarantee fee financed into the loan, with no monthly mortgage insurance required. There are some geographic and demographic restrictions and the program is subject to availability.
