First Time Home Buyer Loans

One of the most important decisions you’ll need to make when buying a home is choosing the best mortgage lender and loan program.  On this page, you can learn more about the different types of mortgage programs, as well as some of the best mortgage lenders for first time home buyers.

Types of First Time Home Buyer Loans

There are several different types of loan options available for first time home buyers, but the majority of borrowers will want to consider either an FHA or conventional loan.

FHA Loans – FHA loans are a great option for first time home buyers, since the required down payment is only 3.5%, and most down payment assistance programs can be used in conjunction with a FHA loan. The minimum credit score required to be eligible for the 3.5% down payment is 580.  If your credit score is between 500-579, you still may qualify for a FHA loan, but will be required to put 10% down.

Conventional Loans – Conventional loans are generally best for borrowers with good credit, however you may qualify with a credit score as low as 620.  Some conventional loans only require a 3% down payment, and most down payment assistance programs can be used with a conventional loan.

USDA Loans – Are you looking to buy a rural property?  You may be eligible for a no down payment home buying program offered through the USDA. To learn more about USDA loans, Visit The USDA Loan Website.

VA Loans – Veterans and active duty members of the military may be eligible for a no down payment home buying programs. To learn more about VA loans, Visit The VA Loan Website.

Not sure what the best mortgage program would be for your home purchase?  We can help connect you with a mortgage lender in your location who can help you learn about what options exist for you.

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Mortgage Lenders for First Time Home Buyers

When seeking down payment assistance, an experienced mortgage lender can be a valuable asset to help you obtain the assistance you need.  Each down payment assistance program has it’s own set of qualification requirements, and part of this relates to the type of mortgage you can use.  For instance, if you’re using an FHA loan, your assistance program must be approved by HUD.  The type of home loan you can use may vary based on the type of assistance you use.  Therefore, be sure to use a lender that has the experience and mortgage programs necessary to help you.

Top First Time Home Buyer Mortgage Lenders of 2018

Below are some of the most reputable first time home buyer mortgage lenders:

Quicken Loans

Wells Fargo

USA Home Financing

New American Funding

Bank of America

U.S. Bank

Chase Bank

Prime Lending

We would be happy to help you find the best mortgage lender in your location to help assist you.  They can help you understand what your mortgage options are, and also what local down payment assistance programs you may qualify for.  Their expertise and experience can help you get the best mortgage and down payment assistance available to you.

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