This fixed-rate loan often works well for first time home buyers because it allows individuals to finance up to 96.5 percent of their home loan which helps to keep down payments and closing costs at a minimum.
FHA loans are easier to qualify for than conventional mortgages, and they only require 3.5% down (96.5% financing). For these reasons, they are most popular with first time home buyers (as well as a variety of second time buyers and “move up buyers” as well).
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Home loan solutions for new or first time house buyers. SA Home Loans offers new and first time property buyers a range of mortgage options tailored to their specific needs. And we offer you the facility to change your initial option in the future.
Mortgage Loan Options for First-time Buyers. First-time homebuyers may want to consider choosing a loan program specifically designed to help get you into a home with a smaller down payment. Many first-time buyers are interested in loan options that allow them to purchase a home with 3.5% down, such as FHA or Fannie Mae loans.
The good news is a first-time buyer can purchase a home with as little as 3% down – and even no down payment in some cases. [RELATED: 7 Ways to Pay Off Your Mortgage Quickly] "The narrative that in.
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In the market for first-time home buyer loans, FHA stands head and shoulders over the rest. fha insures mortgage loans for people with fico scores between 500 and 600, so it is popular with first-time buyers and people with limited or no credit.
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Home Loan info for first time home buyers. If you’ve just decided to buy your first home, SA Home Loans is here to assist you through every step of this exciting venture. Purchasing a new house is one of the biggest financial investments you’ll ever make, and no doubt.
A VA loan is a mortgage option for potential home buyers who meet the Department of Veterans Affairs guidelines for military service. If you’re an active or retired military service member, a VA loan is an excellent option for your first-time home buying experience.