FHA Loan
If you are a first time buyer, an FHA loan could be a good option to consider when purchasing a home. A Federal Housing Administration (FHA) loan provides an exceptional government-insured loan with flexible loan options. Let us guide you through taking advantage of the FHA’s Loan Program benefits:
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Lower Down Payment (3.5% minimum)
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Lower Minimum Cash to Close
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Minimum FICO 580
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Debt-to-Income Thresholds are Higher
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Upfront Mortgage Insurance Premiums (1.75%) Financed
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Down payment assistance programs available
Conventional Loan
Another great loan option for first time buyers is Conventional Loans:
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Low 3-5% down payment options available
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620 Minimum Credit Score
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Allows for Higher Loan Amounts than FHA Loans
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Down payment assistance programs available
VA Loan
VA Loans are also a great option for first time buyers that are veterans, reservists, active-duty, and/or surviving spouses of veterans based on military entitlement. Below we have highlighted the advantages for first time buyers utilizing this product:
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No down payment necessary
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If you do provide a down payment, down payment assistance programs are available
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No cash reserves
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No application fee
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No monthly mortgage insurance premiums
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VA funding fee may be financed
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The seller is required to pay certain closing costs, therefore decreasing the closing cost of the borrower
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May pay off some debt with a refinancing loan program
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1-4 unit primary residences with restrictions
*Disclaimer: Additional requirements may apply; programs are subject to change without notice.