Great Financing Options When Buying Your First Home

Buying your first home is a very exciting step in life, however, it is one that comes with many financial decisions that can sometimes seem overwhelming. Luckily there are many programs available that are intended for first time homebuyers that make homeownership a little more straightforward and simple. If you are interested in purchasing your first home in Conyers, Georgia, and have questions about your financing options as a first time homebuyer, Preferred Capital Funding can help. Read on to learn more about several first time homebuyer loans available to borrowers.

Factors To Consider When Buying Your First Home

When you begin to take the steps to purchase a home, you should begin to try to improve your credit score and save up your finances in order to be better prepared to qualify for a mortgage. You will want to determine how much you will be able to make for a down payment, and it is important to note that the higher your down payment amount is, the less amount of money you will end up owing for your mortgage. You will also want to consider the type of interest rate that you will be able to secure and the length of the loan term that you will be able to afford. You will also need to make sure that you budget for closing cost expenses.

First Time Homebuyer Loan Options

There are a variety of first time homebuyer loans that can help make it possible for someone to become a homeowner. Some common first time homebuyer financing options include:

• FHA loans – These types of loans allow borrowers with lower credit qualify for a mortgage and make a lower down payment amount and are insured through the Federal Housing Administration.
• Conventional loans – There are some more traditional loans available for first time homebuyers that have a higher credit score made available by Fannie Mae and Freddie Mac. Certain conventional loans offer great terms and rates, as well as lower down payments, with some as low as 3%.
• VA loans – These loans are intended for military servicemen or women and veterans, and are backed by the United States Department of Veterans Affairs. They offer favorable terms and rates, and do not require a down payment.
• USDA loans – These loans aim to help homebuyers in rural and suburban areas and are backed by the United States Department of Agriculture and also typically do not require a down payment.

Get Assistance Purchasing Your First Home

If you are looking to buy your first home near Conyers, Georgia, and have questions about your financing options as a first time homebuyer, Preferred Capital Funding can help. Contact our office today for a consultation.