Different Types of Home Loans for First-Time Buyers

Types Of Home Loans For First-Time Buyers: Which One Is Best For You?

Drew Mortgage Associates, Inc.

5 Types of Mortgage Loans: There are plenty of home loan options available for first-time buyers. It is crucial to choose the correct one for you. It will be well worth your time and energy to do some homework, starting with more information about the different types of home loans available to you.

Following is a brief description of the 5 main types of mortgage loans available – 1.

2.

3.

4.

5.

Conventional or Fixed Rate Loans Adjustable-Rate Mortgages (ARM) Federal Housing Administration (FHA) loan USDA Rural Home Loan VA Home Loan

5 Types of Mortgage Loans: 1

Conventional or Fixed Rate Loans

These are standard loan programs that follow set guidelines, with fixed term lengths and rates of interest and no special features such as low down payment options.

2

Adjustable-Rate Mortgages (ARM)

An adjustable-rate mortgage is a home loan with an interest rate that varies according to specific benchmarks, which are predetermined at the outset of the mortgage.

3

FHA Loan

FHA home loans are well suited for low income first time home buyers and those with college loans, car payments, and credit card balances.

5 Types of Mortgage Loans: 4

USDA Rural Home Loan

The USDA Home Loan program, also known as the Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to potential rural property owners by the United States Department of Agriculture, USDA.

5

VA Home Loan

A VA loan or the Veterans Affairs Home Loan is approved by Department of Veterans Affairs, aimed for those who are serving in the US military, who have been serving or served as military.

Drew Mortgage Associates, a leading mortgage company in Boston, and approved by the FHA, VA, USDA as well as HUD can guide you through the entire mortgage loan application process.

Drew Mortgage Associates, Inc. 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 | Toll Free: 877-949-3739 www.drewmortgage.com