If you have done the math and determined that you’re ready to start a new chapter of your life and need to find out what the best first-time homebuyer program might be for you, keep reading. There are a range of loan programs intended to help you purchase and own a home for the first time.
Best First-Time Homebuyer Programs for Veterans: VA Loans
If you have served in the Armed Forces, the Reserves, are an active military, veteran, or a surviving spouse, you may qualify for one of the best first-time homebuyer home loans available: a VA first-time homebuyer mortgage.
These loans are partially guaranteed by the United States Department of Veterans Affairs and are designed to make homebuying more affordable for veterans or active duty and their families. The Federal Savings Bank is proud to be a top-tier VA lender, with many borrowers returning to us again when it is time to move.
Other Popular Low-Cost Mortgages: FHA Loans
The Federal Housing Authority (FHA) also partially guarantees mortgages that number among the best first-time homebuyer programs. FHA loans can help those people who don’t have the savings on hand for a massive down payment to achieve their homeownership goals – in many cases, allowing borrowers to access homeownership much sooner than they would have been able to otherwise.
They can also help borrowers who do not have a great credit score access the perks of homeownership.
USDA Rural Development Loans
If the property you are looking to purchase is located in a “rural area” as defined by the United States Department of Agriculture, you may be able to take advantage of their special home loan programs. Like FHA and VA loans, USDA loans often feature low or $0 down payment requirements, though there are no home lending benefits specific for first-time homebuyers that are offered by the USDA for those that qualify.
Other Great First-Time Homebuyer Loans: DPA Programs
Consult with your loan officer to see if a state or federal “Down Payment Assistance” (DPA) Program is the right option for you. Having the right team by your side can help you determine if you are eligible to take advantage of these programs intended to stimulate individual homeownership at the local level.
Whether you are already speaking with a loan officer or not, it’s good to get the best advice you can. Explore our Learning Center for first-time homebuyers or contact a member of our team to get your free loan estimate today.
Subject to credit approval. Terms and conditions may apply. Subject to VA eligibility requirements. Property insurance is required on all loans secured by property. Requires borrower to meet eligibility requirements. Down payment assistance requirements are based on the mortgage insurer or guarantor’s guidelines. Borrower may fund down payment and closing costs. Down Payment Assistance Program, which assist eligible homebuyers with purchasing a home. Down payment assistance programs are not eligible for all potential homebuyers.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to you individual situation.
