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By Michelle Huffman
Buying — and financing — as a first-time homebuyer can be overwhelming. There’s a lot of tips for buying a home the first time, from friends and relatives, agents and lenders, and troves of content on the internet. It can be confusing to find your way through it all.
Generally speaking, there are some clear-cut mortgage options for buyers as they take steps for buying a home for the first time. So we will focus on standard mortgage options that first-time buyers should consider.
First, some buying a home for the first time tips:
While there is a slightly longer list of mortgage options out there, most first-time homebuyers will be looking at a conventional loan, either a fixed-rate mortgage or an adjustable-rate mortgage.
While most loans qualify as either a fixed or adjustable-rate mortgage, there are specific programs that offer these mortgages with certain qualifications. A popular option for first-timers is the FHA loan. Backed by the Federal Housing Authority, this program offers loans with as little as 3.5% down, and helps buyers that may have lower credit scores. Other programs include a VA loan, specifically for service members, veterans and surviving spouses, USDA loan for rural properties, or specific state or local programs.
The Alliant Advantage Mortgage Program helps first-time homebuyers overcome some common barriers to homeownership, like down payment and high monthly payments, by offering 0% down, no-PMI loans for qualifying buyers up to $500,000.
While a loan officer can help you answer any of your questions, there are a few things to really pay attention to:
Talking with a loan officer will allow you to explore all of these options. Don’t be afraid to talk to several lenders and ask as many questions as possible until you understand your mortgage options.
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