What's the best type of loan for a First Time Homebuyer?
What's the best type of loan for a First Time Homebuyer?
Easy, it’s simply the one you qualify for!
There are many different types of loan products to fit your needs. The two main loan products for new homebuyers though are Conventional and FHA. Both products are great and offer opportunity for First Time Homebuyers to get into a home.
FHA is typically 3.5% down but I have several products that offer 0% down payment assistance for buyers that can handle the monthly payment but struggle to save up the actual downpayment. Usually these are done as a second mortgage that needs to be paid back but some are forgivable after a certain period of time.
Conventional loans offer some advantages too. Usually the downpayment is 3% for first time homebuyers but there are some products out there for 1% down. If you aren’t a first time homebuyer, you are typically looking at 5% down.
The best thing about working with a broker like me is we look through all of the products and find the best deal for you and your family and present you with the options. If you are looking to buy a home in Texas or Oklahoma, check me out at themichaelmitchell.com.
