Today first-time buyers can tap into programs that ease the financial path toward home ownership. At An Opportune, Inc., we’re ready to assist you in making the dream of owning your home come true by helping you navigate the following loan programs. Below you will find some of the best programs for first-time home buyers.
- FHA Loans
Fully backed by the Federal Housing Administration, the key advantages of FHA loans are their low interest rates and flexibility for applicants who have lower credit scores. In addition, FHA loans require only a 3.5 percent down payment and allow two years past Chapter 7 bankruptcy when many other programs require four years. Starting Oct. 15, 2019, the FHA will also offer “spot” loans for purchases of single condominium units.
- VA Loans
U.S. military veterans can apply for VA loans, which are funded through third-party lenders. The program is highly recommended for veterans without savings since the loans do not require any down payments. However, applicants are required to have a credit score of at least 620.
- Fannie Mae HomeReady and Freddie Mac HomePossible Loans
These programs require a 3 percent down payment for conventional loans. If the borrower qualifies on income limits and is a first-time homebuyer, competitive mortgage insurance premiums and rates are available. In addition, these programs allow non-occupying co-borrowers and higher debt-to-income ratios.
Make the Most out of a Loan Program
First-time home buyers should keep in mind that qualifying for a mortgage loan does not necessarily mean that they can afford it. At An Opportune, Inc., we can help you to plan for long-term affordability.
Before you begin looking for homes, you should have a clear idea of how much you can afford and which type of home will suit you. This makes the buying process simpler and eliminates the stress that many buyers experience when they don’t go through a proper pre-approval process. Our professional staff at An Opportune, Inc. will help you evaluate all possible options.
An Opportune, Inc. is ready to help if you’re planning to buy a home or have recently started the process. We can guide you in choosing the best loan program to suit your particular needs. Please reach out to us here or call us at (847) 498-2288 to learn more.