Buying your first home is an exciting milestone in your life. When going through this process, it’s important to know every possible avenue available. As a first time home buyer, you may be eligible for certain loans. These first time home buyers loans can include various programs and grants, and help to aid new buyers in this exciting process.
When going through a first time home buying process, it’s imperative to think about every possible option. When working with MyLendingPal, you have a source of information and stability. Our company works to provide you with the easiest route when navigating through the home buying process, especially during the anticipation of buying your first home.
Programs & Grants Available For First Time Home Buyers
Being a first time home buyer holds some advantages. Certain loans and other programs are available for first time home buyers, and can help to ease the stressful process of home buying.
FHA Loans
Completely insured by the Federal Housing Administration (FHA), this loan offers an extra layer of protection to the lender. This loan offers very competitive interest rates, smaller down payments on the home and lower closing costs than some other loans.
USDA Loans
Families, or individuals, who live in a more rural area are eligible for loans provided by the United States Department of Agriculture (USDA). These loans hold a low interest rate and a fixed-rate for any homeownership loans with no down payment.
Good Neighbor Next Door
While most homeowners strive to be good neighbors, first time home buyers can actually be rewarded for it. This program is offered by the U.S. Department of Housing and Urban Development (HUD), and gears toward providing an affordable opportunity for certain members of the community. This program is available for police officers, grade school teachers, firefighters and emergency medical technicians. They are given up to 50% off of the listing price of a home, as long as it is located in a certain targeted area.
Fannie Mae Loans
The Fannie Mae HomePath Loans are a federally run program that provides first time home buyers savings on closing costs. The properties must be listed as HomePath properties in order to be eligible for the saving, as first time buyers can save up to 3% total on their closing costs.
Energy Efficient
Choosing to buy a home and convert it to an energy efficient home can lead to various savings. The energy efficient mortgage is available for first time home buyers who choose the energy efficient route, and is offered by the Federal Housing Agency. This loan is used for home improvements to enhance energy efficiency of the home.
Programs in States & Cities
The various cities and counties within a state hold many avenues for first time home buyers. The various programs and packages available can help new homeowners to actively shop smart, and efficiently for their first home.
Work With MyLendingPal
While purchasing your first home is quite an accomplishment to celebrate, so is saving money wherever you can. Before you begin shopping around for your first home, contact a lending officer to help traverse the topic of potential first time home buyer loans. The lending officers at MyLendingPal are qualified and determined to provide our clients with the best possible avenue when buying their first home. We pride ourselves on closing the loan for our clients 100% of the time, as long as all information has been provided. If you’re ready to start the journey of buying your first home, reach out to MyLendingPal at 833.379.0797, or schedule a consultation online.
