One of the most daunting steps for a first-time home buyer is the financing process. I’ve provided some tips and options below that can make this step easier for you.
FHA Loans - The Federal Housing Administration (FHA) helps homeowners by insuring mortgages that are issued by approved lenders. This means that lenders will be compensated by the FHA if a borrower defaults on their mortgage. Due to this, FHA loans offer great financing options for first-time home buyers. You can put down as little as 3.5% of the purchase price of your home. Credit score requirements are also lower compared to conventional loans. Interest rates are usually less than other loans as well. The downside is tha...Read Full Post →