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Buying a home is not an easy fit. That’s why most people seek a mortgage loan. There are essential factors to consider when choosing the best mortgage plan that suits your needs. The first step to getting mortgage loans for first-time home buyers is reviewing all available financial options, then researching the background knowledge of property financing. This will give you a sense of direction and save you more time and money.
However, if you have little or no experience, finding the best financial option for you can be stressful and time-consuming.
This is the part where you have to employ the services of a reliable team like our Moreira team. We are a team of professional and experienced mortgage brokers and lenders who are skilled enough to cater to your financial needs. With our experience and expertise, we will help you find the best mortgage loan for you. Also, since our customers are unique, we conduct special sessions to advise and direct them on getting the best mortgage loan. We also contact numerous lenders and banks searching for the best deal for you.
Our loan officers can help you in choosing the best option even if you have no savings at all. We can always link you up with different first-time home buyer programs that can render you cash assistance so that you can buy your home within the shortest time possible.
Best Mortgage Loans for First-Time Home Buyers
Below are the first-time home buyer loan types:
The Federal Housing Administration guarantees FHA loans, but this doesn’t guarantee that you will be approved too. The FHA has a policy of refunding the mortgage lender if the borrower defaults in payment of the mortgage loan. However, the benefits of the FHA loan for first-time home buyers include:
- A minimum down payment of 3.5%
- Low-interest rates
- Low credit scores
And following the FHA loan policy and guidelines, you can still qualify for the loan without earning much.
- The Conventional 97 loan
If you’re looking for a first-time home buyer loan no money down payment option for your mortgage loan, the conventional 97 loan is your best bet. To qualify for a conventional loan, you don’t need more than a 3% downpayment to qualify. However you may need to pay mortgage insurance annually, but your private mortgage insurance can be canceled after getting enough equity in your home. The benefits of conventional loans include:
- 3% down payments
- Mortgage insurance is cancellable
- No upfront insurance fee
- A minimum 620 credit score
However, conventional loans are not for you if your credit score is poor.
Conclusion
Looking for the best mortgage loan can be challenging, especially as a first-time home buyer. That’s why you must dedicate time to finding a house that you can afford financially.
However, with a good mortgage broker or mortgage broker, you can quickly scale through the numerous different mortgage loan programs. To get the best mortgage loan that suits your needs, employing the service of a professional mortgage broker is your best choice.