As a home buyer, it’s important to understand all of the 1st time home buyer programs that are available.
Oftentimes, first time home buyers choose the first attractive loan program that comes their way. This is perfectly understandable, given the fact that the home buying process is stressful and time sensitive. But the fact is that this is a crucial step in the process, which means it’s worth taking your time.
Luckily, there are numerous 1st time home buyer programs out there to choose from. The key to choosing the right program will come down to three crucial factors: Your financial history, your budget, and your mortgage broker. The first two factors will largely determine which loan options are available to you. The last one will determine how much time and effort you’ll have to spend to actually secure a loan.
In this article, we’ll highlight everything you need to know about this year’s top 1st time home buyer programs.
What Are 1st Time Home Buyer Programs?
1st time home buyer programs are designed to provide financial assistance to individuals who are navigating the homebuying process. These programs vary from region to region, and there are also loan options that are intended for particular professions. VA loans, for example, are only provided to individuals who can prove that they’ve served in the U.S military.
The specific benefits that these programs provide will also vary from loan to loan. Generally speaking, however, most loan programs will provide some degree of coverage for down payments and closing costs.
Finally, the interest rates that you’ll have to pay will also depend on the particular loan that you’re approved for. The good news, here, is that mortgage interest rates are currently hovering around an all time low. In other words, now could be the perfect time for 1st time home buyers to apply for a mortgage loan!
This Year’s Top 1st Time Home Buyer Programs
Here are the top five 1st time home buyer programs in 2020 that we recommend checking out:
- FHA Loans (3.5% down)
- Conventional 97 (3% down)
- HomeReady/Home Possible (3% down)
- USDA loan (0% down)
- VA loan (0% down)
Apply for a 1st Time Home Buyer Program Today
The homebuying process can be a bit overwhelming, particularly if you’re buying a home for the first time. At Mortgage Solutions Financial, we specialize in partnering with first time buyers to secure the optimal loan option. Contact our office today to learn more about how we can help you to find the perfect home buyer program!
