First Time Home Buyer

Best 1st Time Home Buyer Loans

When you are young and carefree, you do not think much about investing in your own real estate, and you are satisfied with rented apartments or houses. But eventually, a time comes into your life when you realize that you want to have your own place for yourself, your children and your family. First time home buyer mortgage is for those who wish to purchase their first property and start the new stage in their lives.

First Time Home Buyer Mortgage Programs

Find out what options you have when you decide to purchase your first home. There are several programs subsidized by the government that let you get your first home mortgage loan. It is an expensive step to go from a renter to an owner, but mortgage options make this process easier.

There is flexibility with credit scores, low down payment requirements and special loan programs for first-time buyers. If you do not know which option will be best for you, we will gladly give you a consultation.

Conventional Fixed Mortgage

This is an attractive option for many first-time homebuyers who are planning to stay in the house for at least five years. Your monthly payment and interest rate will be the same regardless of the inflation or interest rate changes. However, if you are not staying in the house for a minimum of five years, then you might overpay with this program.

For a conventional loan you need to put down a minimum of 3%, and your credit score is recommended to be about 700 to go with such small down payment. Presently, borrowers are also allowed to use gifts as their down payment, which is also a good option for some. Learn more.

FHA Home Loans

This is a Federal Housing Administration loan that provides security for the lenders and thus can offer better deals to first-time homebuyers. You can put down only 3.5% with this loan type. This program is also flexible when it comes to credit score requirements. If your credit score is low (about 500), you can still get an FHA loan, but your down payment should be at least 10%.

You can also use grants, assistance programs and gifts from family members as a down payment for this mortgage loan. If you decide to buy your first home in Los Angeles or other cities in California, we will help you find the best lender that will offer you the most beneficial loan terms.

Veteran Home Loans (VA)

Veterans or those who currently serve in the military are eligible for a VA loan via the Department of Veteran Affairs. One of the biggest pluses of this loan is that it requires zero down payment and no private mortgage insurance.

The interest for a VA loan is comparably the lowest for a 30-year loan. If you are a veteran, military spouse, or are in current service, you can check out more detailed requirements for a VA loan at our website.