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What loans and programs are available for First-time home
Here are the most common useful first-time home buyer loans and programs of which you should be aware so you don’t rush through the process. Understanding the difference could save you time and a lot of money.
FHA loan: The go-to loan program for buyers with weaker credit and higher debt to income ratios. When at all possible if your credit score is above 620 you should be doing a side by side comparison with one of the conventional loan programs. For a more detailed explanation of the FHA loan program see this link (Put the FHA loan page link here). Most lenders actually get paid more for putting you in an FHA loan program. We here at High Definition Mortgage receive no difference in compensation from our lender paid loan programs, so our process is always focused on getting the best deal possible for the consumers’ financial situation.
VA loan: As a Veteran owned company we know very well how important and special our Veterans are. The VA loan allows the Veteran to purchase a home for their primary residence with 100% financing of the sales price or appraised value whichever is the lessor. Yes, that is a correct statement for the VA loan program. Our company will never mislead you with twist in wording of any of our loan programs. The VA loan program is available for all qualified Veterans and spouses. All we ask for is a copy of your DD214 and we will get your Certificate for Eligibility from the VA. This Certificate or Eligibility has a lot of information on it pertaining to you and your home purchase. Please see our more detailed description of VA loans on this link (add link to VA loan page).
USDA loan: Yes, the USDA is 100% financing of the sales price or appraised value whichever is the lessor on rural properties. What does that mean to you? The USDA allows for financing in areas based on density. The USDA mapping is always subject to change as areas become more developed. Knowing where to look for properties or areas that qualify call us at High Definition Mortgage so we may take the time to review this information with you. The USDA loan programs includes an upfront mortgage insurance premium which is added on top of the loan balance at closing. It also includes a monthly mortgage insurance premium. Please see this link for more details about this loan product (place USDA loan program page link here)
Conventional loans: start with as little as 3% or 5% down for first time home buyers, offered through Fannie Mae and Freddie Mac. These loan programs provide additional opportunities for the first-time home buyer. However, there are some things a borrower should be aware of such as high monthly mortgage insurance premiums or a much higher interest rate on the note. These loans should be compared to the FHA loan for the differences in total cost and benefits to match the borrower’s goals.
Home renovation loan: Buy a home and remodel it with one loan. There are different types of renovation loans with main factors based on loan amount, credit, and the cost of repairs. These loans serve a great purpose for the first-time home buyer, allowing them the ability to purchase an affordable home in the neighborhood of their choice. The Buyers and Sellers of these properties need to have patience as the loan process tends to be cumbersome and can take between 45 to 60 days to close on. Interest rates tend to be slightly higher than with standard loans and there are additional closing costs associated with them.
Florida first-time home buyer program assistance: On the surface these programs sound very appealing but can be very expensive and should be looked at closely. There are both state and county programs available from time to time and it is important to know and understand the limits and conditions in each program before you set your dreams and hopes on any of them.
Good Neighbor Next Door:
Home price discounts for first responders and educators. These are generally HUD owned properties and they don’t come without their risks and limitations. A buyer should only pursue with caution and good due diligence.
Dollar Homes: Foreclosed homes for sale by the government and most often are garbage homes that should be left for investors only that can handle all the risk potential involved with these types of homes. Our past experience has shown these homes most often have had major defects covered up and have left the buyers in tears, knowing they do not have enough money to cover the cost of the necessary repairs or have the ability to rebuild these homes.
If you want to receive more specific information and availability on our lender’s foreign national mortgage loan programs, contact us today!
As Florida mortgage brokers, our services have been designed to remove the stress and misunderstandings commonly associated with a mortgage loan.
For further information about getting the right mortgage for you
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Call us on 941-444-9240