1 / 1

Specialized Programs and Mortgage Loans for All First-Time Home Buyers in the US

a single parent who has owned a property with his/her ex-wife/husband is entitled for a loan. Lastly, an individual who owned a principal residence, which was not fixed to the ground or had any foundation, like a caravan is eligible. So, these were the eligibility criteria for a person buying a house for the first time in the US.

aimortgage
Download Presentation

Specialized Programs and Mortgage Loans for All First-Time Home Buyers in the US

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Specialized Programs and Mortgage Loans for All First-Time Home Buyers in the US All you need to know about a ‘first-time home buyer’ program is clearly mentioned in this blog post. So, read patiently. First things first. The qualification and eligibility process. Since you’re a first-time property buyer, you are entitled to special programs, which are in the form of smaller down payment, easy repayment terms, low credit score requirement, down-payment assistance, and more. Such mortgage home loans are designed to provide assistance to individuals who have lower income, less credit score and minimal savings. Here in Arizona and Colorado, when you’re partnering with a leading mortgage loan specialist like “Affordable Interest Mortgage”, they can help make the process easy for you. With a duly appointed loan manager, they can guide you into choosing the right lender that offers low interest rate finance. In fact, their professionals can help you understand the different types of first-time home buyer programs, such as Fannie-Mae Home Ready, Freddie Mac Home Possible, Freddie Mac HomeOne, etc. These programs charge you less for mortgage insurance, provide financial incentives and lets you borrow even if you have a high debt-to-income (DTI) ratio. Understanding the Eligibility of First-Time Home Buyer Who qualifies? A person who has never owned a home or principal residence for 3 years or more, after the sale of their last property. Here, even if a married couple is buying a home together, only one of them needs to qualify. Then, a single parent who has owned a property with his/her ex-wife/husband is entitled for a loan. Lastly, an individual who owned a principal residence, which was not fixed to the ground or had any foundation, like a caravan is eligible. So, these were the eligibility criteria for a person buying a house for the first time in the US. There are government-sponsored loan programs that can help any first-time home buyer. It can be in the form of an FHA loan where the down payment requirement is as little as 3.5% and a minimum credit score of 580 points. Similarly, VA loans are sponsored by the Department of Veteran Affairs, where all serving and retired military personnel can avail highly discounted loan programs, with NO money down and mortgage insurance. Then comes USDA loans backed by the US Department of Agriculture, if you want to reside in rural areas. This is how it is made easy for all.

More Related