There are many different loan options for first time home buyers and USA Mortgage continues to find the right programs and opportunities for their clients. Below are some of the many options available:
1. MHDC Gift Money:
MHDC (Missouri Housing Development Commission) offers up to 4.5% gift money towards down-payment and closing cost for qualified first-time home buyers. This is an amazing option for prospects who don’t have sufficient funds for closing or down-payment.
2. USDA Loans:
USDA isn’t a first time home buyer program but it’s a great option for someone trying to buy homes in qualified locations. Offering No Money down home loan with very low-interest rates and monthly funding fee makes it a great option in our list.
3. Conventional Home Ready or Home Possible:
Both these options offer down-payments as low as 3% with lower monthly PMI. They are a great option for clients how to want to put down less money but still be able to get a great loan.
4. FHA Loans:
FHA isn’t limited to first time home buyers but it does offer so many options and solutions for first-time homebuyers which makes it to the top of our list. FHA loans typically tolerate lower credit scores and higher debt to incomes and are great alternatives to many other programs. The also offer very competitive rates with a reasonable monthly mortgage insurance.
Please call or email our office and talk to one of our loan officers for more information.