Getting a home loan is a little bit confusing especially for first time home buyers. Nowadays, you don’t need to get confuse anymore because there are various home loan programs you can take. Let’s talk a little bit about the type of home loan program you can use to get a new home.
Getting a Home Loan with FHA Loan
One of the problems of buying a new home for first time buyer is on its high down payment. It seems impossible to pay the down payment. For that reason, getting a home loan with FHA loan program is your best option. This type of loan is offering a low down payment for first time home buyers. It is not only about low down payment but also easy qualification if you want to refinance the home loan. The down payment is various and it can be from 2% up to 3.5% only.
Getting a Home Loan with 1% Down Payment
As a first time home buyer, you have to check your qualification. Just make sure that you get good score and credit history. If you are qualified, you have a chance to take 1% down payment home loan. Paying 1% down payment is not only the benefit you can get as a qualified client. Moreover, you also have a chance to get 3% equity upfront. Both of the benefits are perfect for first time home buyers.
Getting a Home Loan with 30 Year Loan Program
It is considered as a popular home loan program. The main reason is because of its long payment time. The payment is suitable for employees who have limited monthly salary. By choosing this type of home loan program, you can still fulfill your daily needs and get a home you are dreaming of. Interestingly, as a first time home buyer you just need to pay the down payment around 3% only. In short, it is a safe home loan program.
Getting a Home Loan with VA Loan Program
There is also a chance for military members or veterans to have a home. The best way is using VA loan program. This home loan program is the best option because you don’t have to pay a down payment and PMI. The credit requirements are easy to complete and flexible.
Just choose the best home loan program based on your financial condition. If you don’t know which one you need to choose, just talking about getting a home loan program for first time buyers with the expert.