· FHA vs. Conforming Loan: Which is Best for First-Time Buyers? In January when President Obama announced a reduction in Federal Housing Administration mortgage insurance premiums that would save new borrowers an average of $900 annually, an FHA mortgage once again looked like a great deal.
While 20 percent is ideal, you don’t necessarily need that large of a down payment to buy a home. There are loan programs that cater to first-time home buyers, such as the FHA loan, which allow for down payments as little as 3.5%. Even some conventional loans allow for down payments as low as 3 percent.
Connecticut Home Mortgage Loans. are a first time home buyer, purchasing a home, or are looking to refinance – we are here to assist you. Northeast Financial is able to help you with Conventional,
Buying a home for the first time. The Federal Housing Administration (FHA) offers a mortgage program that allows first-time homebuyers – as well as those who have not purchased a home in the last.
This can make it possible for lower- and middle-income borrowers to buy a house when they don’t qualify for a conventional loan – which can have stricter requirements, including a higher credit score..
If you are a first-time. for buying and renovating a home. Besides basic eligibility rules, each program may have additional requirements, including limits on income and maximum purchase price..
Best Lender For First Time Home Buyers Ask your real estate agent or lender if there are programs in your area that you may qualify for. You can also search for down payment assistance programs on sites like the Down payment resource center. Questions about loans for first time home buyers? Find a local lender on Zillow who can help.