Mortgage Programs for First-Time Home Buyers

Tuesday, January 17, 2017  


A mortgage is a serious long-term financial commitment and a legally binding contract which should not be entered into lightly. As a first-time home buyer it’s easy to get overwhelmed by the many home loan options available in the market.

Selecting the right mortgage option can make it easier to purchase your first home, lower your monthly payments and have an impact on the overall cost of your loan. An experienced loan officer can assess your financial circumstances and suggest a home loan option that will best meet your short- and long-term homeownership goals. They can also provide information to better understand how your credit score impacts your home loan options, particularly when you’re still paying off student loans.

FHA loan

  • Minimum down payment

  • 580 minimum credit score

  • Seller contribution up to 6%

  • Maximum loan amount varies. Ask your loan officer for the maximum loan amount that applies to your county.

     

VA loan

  • No down payment required in many circumstances

  • 580 minimum credit score

  • Seller concessions up to 4%

  • Maximum loan amount varies by county & down payment. Ask your loan officer for details.

  • Eligible applicant must be a service member, veteran or surviving spouse

     

Conventional Conforming Loan

  • Minimum down payment required

  • 620 minimum credit score

  • Seller contributions vary from 3% to 6%

  • $424,100 maximum loan amount

     

USDA loan

  • No down payment is required up to the appraised value and county maximum loan limit is not exceeded

  • 620 minimum credit score

  • Seller contribution up to 6% permitted

  • $424,100 maximum loan amount

  • Eligibility based on income and location

     

FHA Streamlined 203(k) Renovation Loan

  • Minimum down payment required

  • 620 minimum credit score

  • Total renovation costs not to exceed $35,000 for minor remodeling & repairs

 

VA Renovation Loan

  • No down payment is required up to the lesser of the sales price or appraised value and county maximum loan limit is not exceeded.

  • 580 minimum credit score

  • Maximum loan amount varies by county & down payment. Ask your loan officer for details.

  • Finance repairs & renovations up 25% of “after improved” appraised home value

  • Eligible applicant must be a service member, veteran or surviving spouse



First-Time Homebuyer, Loan Programs,