First Time Home Buyer Loans - 6 Programs That Will Help You Best
6 Programs That Will Help You Best Buying a home for the first time is always going to be difficult. Sometimes the house is not right and sometimes the price is too high. If the house is not right, you can move on and look for another home. But what if the price is not right? Where would you get the finances from? Are there any first time buyer home loans to provide you any help
FHA Loan for First Time Home Buyers • FHA is backed by Federal Housing Authority. It is considered to be the friendliest program for first home buyers. • The loan requirements are quite easy. • Just 3.5% down payment and a credit score of 580 or above qualifies you straight for the loan. However, if your credit score is lower than 580, the down payment jumps up to 10% to get the loan
VA Loan for First Time Home Buyer • VA (Veterans Affairs) loan program is for US military veterans and surviving their spouses. This loan program provides zero down payment option and rest of the conditions are pretty easy too. • So if you are a military veteran, VA loan is your best option
USDA Loan for First Home Buyers Another program that provides zero down payment option. Backed by US Department of Agriculture, this loan program is limited to those looking for a dwelling in a rural or suburban area
Energy Efficient Mortgage Program One of the most incredible first time buyer home loans. With a view to making our environment healthy and save our mother nature, this program comes with funds to enhance green features of your house. No new appraisals or down payment deductions are involved once you qualify for EEM benefits
HUD 203(k) Loans • Are you keen on buying a fixer upper and think that you can take one the repairs? HUD 203(k) Loan is the loan option to go with. • This FHA-backed loan estimates the value of a post-renovations property and provides you funds to make those renovations
Good Neighbor Next Door • This first time home buyer loan program was initially called “Teacher Next Door Program” as it was only limited to the teachers. But later on, the program was extended to Emergency Medical Technicians, Firefighters and Law Enforcement, hence the name “Good Neighbor.” • This program offers 50% off on the homes located in revitalization areas. All you have to do is to live in the same property for a minimum of three years
For More Information
Sellect Realty LLC Marietta, Georgia Visit: www.sellectrealty.com