Buying your first home is a fun and exciting time.
It’s also a new experience and can be overwhelming, and frankly, a bit scary.
Many people don’t know that there are several different loan programs available for first time home buyers. Each loan program has different guidelines in regards to credit, income, debt ratio, down payment, etc.
Those are all fancy mortgage terms and that’s OK if you don’t understand all of them.
What you need to know is that there’s more than one way to fry a egg, or more than one loan you can get when buying your first home.
USDA Rural Housing Loans
The USDA rural housing loan is a great option, especially for first time home buyers. Some of the major benefits, or highlights of this program include:
- True 100% financing
- Do Down Payment Requirement
- No Private Mortgage Insurance
- 30 year fixed loans
This means you’re getting a great loan at a low interest rate, with no down payment requirement.
See why this is great for first time home buyers?
Do I qualify?
When looking to buy your first home, it’s essential that you work with a mortgage specialist who has your best interests at heart and will be thorough with you, explaining all your financing options. We’d love to be there for you. Give us a call, or get started online. We’ll take our time explaining the home buying process with you and will review all loan options available to you. Most of the time the rural housing loan is the best option, but not always. That’s why it’s important to review all your options.
Buying your first home can be daunting task. Take your time and get educated. Do it right. Make sure the home you buy will be a blessing to you and your family and you’ll enjoy it for years to come.