Best Mortgage Options For First Time Buyer

Loan Estimator Based On Income In our affordability calculator, we figure out what a reasonably affordable price for a home would be, based on your gross annual income before taxes, the down payment you plan to put toward your.

5 first-time homebuyer mortgage options.. but a conventional 30-year fixed loan can be an attractive option for some first-time buyers if you’re planning on staying in your house for at least.

How Much Mortgage Can Afford

 · Know your mortgage options. You might be surprised at the number of mortgage options available for a first-time home buyer. Understanding the different programs available can help you choose the right mortgage for you. Some of the best choices for a first-time home buyer include: Conventional loan

Credit Score, Down Payment and Income Requirements to Get a Mortgage, Where. Receiving the best interest rates and terms for your mortgage.. A 2016 study by J.D. Power found 27 percent of first-time buyers – more than one out of four!

Virginia First Time Home Buyer Loans.. Types of Mortgages: Conventional Loans – Conventional loans offer the best loan terms to borrowers with good or excellent credit, as well as those who can afford to place a larger down payment. If you are able to put 20% or more down, you will be able to avoid paying private mortgage insurance (PMI.

USDA Rural Development home loans as well as VA loans may be great options to allow a first time home buyer to buy a home with no down payment. Government programs such as the MSHDA first time home buyer grant may also be available to add zero down mortgage options. Be sure to speak with your loan officer about what programs best fit your needs.

First Time Home Buyers Know the Basics and Improve Your FHA Loan Chances. As a first-time homebuyer, there might be a lot of unknowns. Whether it’s the mortgage lingo, type of home loans, or even down payment requirements, the flood of new information can be overwhelming.

Buying your first home can be scary, but it doesn’t have to be.. first home can be scary, but it doesn’t have to be. Learn the basics of home buying and explore our affordable first-time home buyer loans. Español (800) 251-9080; Apply Now. Check here for exclusive Reverse Mortgage loan options.

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Fannie Mae or Freddie Mac – Loans backed by Fannie Mae or Freddie Mac require 3 percent down for conventional mortgages making them ideal for first-time buyers who have strong credit but little.