FHA Loan
If you are a first time buyer, an FHA loan could be a good option to consider when purchasing a home. A Federal Housing Administration (FHA) loan provides an exceptional government-insured loan with flexible loan options. Let us guide you through taking advantage of the FHA’s Loan Program benefits:
Lower Down Payment (3.5% minimum)
Lower Minimum Cash to Close
Minimum FICO 580
Debt-to-Income Thresholds are Higher
Upfront Mortgage Insurance Premiums (1.75%) Financed
Down payment assistance programs available
Conventional Loan
Another great loan option for first time buyers is Conventional Loans:
Low 3-5% down payment options available
620 Minimum Credit Score
Allows for Higher Loan Amounts than FHA Loans
Down payment assistance programs available
VA Loan
VA Loans are also a great option for first time buyers that are veterans, reservists, active-duty, and/or surviving spouses of veterans based on military entitlement. Below we have highlighted the advantages for first time buyers utilizing this product:
No down payment necessary
If you do provide a down payment, down payment assistance programs are available
No cash reserves
No application fee
No monthly mortgage insurance premiums
VA funding fee may be financed
The seller is required to pay certain closing costs, therefore decreasing the closing cost of the borrower
May pay off some debt with a refinancing loan program
1-4 unit primary residences with restrictions
*Disclaimer: Additional requirements may apply; programs are subject to change without notice.