When you begin the journey to homeownership, there’s a lot to think about. The most important one being which loan program is right for you – especially with so many options available.
Let’s take a look at the loan programs that are best for first-time homebuyers:
FHA home loans are insured by the Federal Housing Administration and designed for low to moderate income homebuyers. They require lower credit scores and a low down payment, making qualifying easier.
USDA loans make purchasing a home in a rural location more affordable for low to moderate income homebuyers. The area the home is located must meet rural designation criteria set by the U.S. Department of Agriculture.
VA loans are guaranteed by the U.S. Department of Veterans Affairs and are available to Veterans, Reservists, Active Duty Personnel, and surviving spouses of Veterans (based on military entitlement). VA loans offer many advantages, such as reduced interest rates, no down payment, limited closing costs, and more. Thank you for your service!
Down Payment Assistance Programs and Closing Costs
Down Payment Assistance (DPA) programs are available to help first-time homebuyers cover the down payment on a home, and some DPA funds can also be used for closing costs. You can view different programs and see if you are eligible by visiting the down payment website at www.assistmewithmydownpayment.com.
You can make your dream of homeownership a reality – all without needing to put a lot of money down!
Want to learn more about down payments and closing costs? Find out the difference, fees included in closing costs, and get answers to some questions you may have.