First Time Home Buyer Loan Options

For first time home buyers, it can seem that buying a home is just something that only the rich people get to enjoy. But the truth of the situation is that owning a home has never been easier if you know what is available for you. For first time home buyers in the state of Florida, several options are available to you to help you buy your first home. Here are a few of the options that you will have to choose from when buying your first home.

Consider the Conventional Mortgage

A conventional mortgage is what is generally offered first to home buyers. They are usually 15 to 30 years in length and usually require a 20 percent minimum down payment. In some cases, a first-time homebuyer may see a three percent down payment but that depends on the Florida lender that is being used. The lender will look at your credit score to help them determine which interest rate they can offer you for the loan.

The Mighty FHA

FHA's loans are good for people with low credit scores or high income-to-debit ratio. Florida first time home buyers can offer a three percent down payment. However, if your credit score is extremely low, you could end up having to come up with 10 percent. The FHA loan is backed by the United States government which is one reason why they are easy to obtain.

The Honored VA Loan

The VA loan is a national program that helps military families get into their first home. The loan is issued through the United States Department of Veterans Affairs. The interest rates are highly competitive and in many cases, the down payment can be zeroed out to help those that have served in the armed forces to get their lives established while serving or after their service is finished. In some cases, a credit check will not have to be done. 

The Florida Housing Highlights and Eligibility 

This is a 30-year mortgage that is offered to Florida residents that are buying their first home. All 67 counties in the state participate in the program. It is an assistance program that can be used as the down payment or for closing costs. It also has mortgage tax credit available. This program is unique to Florida residents and has helped many people get their first home. It is a way for the first time homeowner to come up with the money they need to buy a home.

The state of Florida has a lot to offer people seeking to move to the area. There are more programs available to people seeking to buy a home than some other states. Florida is the third-largest state in the country, and it continues to grow at an alarming rate. To buy all you have to do is know your options, and you can get the best rate and the right home for you and your family.