Home Loans For First Time Home Buyers

Buying your first home is a huge deal, with many important decisions. You’ve probably thought about what neighborhood you’d prefer, how many bedrooms you need, and so forth. But, have you thought about which type of financing would be best for you?

Yes, there are different types of financing, and each comes with its own requirements for approval. Here’s a brief overview of mortgages available for first time home buyers:

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FHA Loan

FHA loans are what most first-time homebuyers use to purchase a home. FHA loans were created in order to make homeownership more accessible. Before FHA loans, buyers needed upwards of 20% to put down and had short repayment periods, which equaled very large monthly payments that were unaffordable for most Americans. With FHA loans, buyers only need to put 3.5% down and have a 30-year repayment schedule.   

Another reason FHA loans are great for first-time homebuyers is that the credit score requirements are much lower than with other types of mortgages. In some cases, a borrower only needs a score of 500 in order to be qualified.  

VA Loans

VA loans are only available to those who have served in the military and are a great way to get into your first home. If you are an eligible veteran or active duty service member, you can purchase a home with zero down. This makes the VA loan an excellent choice for a first-time homebuyer. 

USDA Home Loans

Another 0 down home mortgage option is the USDA loan. These loans are only available in rural areas of Colorado. USDA loans can be challenging to qualify for since you not only need to meet the requirements, but the home does as well. 

Want To Know Which Loan Is Best For You?

We have helped tons of first-time homebuyers over the year and would love to help you as well. If you are a Colorado first-time homebuyer, we will go over all options available to you. The application process is pretty simple and can be done over the phone. We will be happy to answer all of your questions and make your first time buying a home as easy as possible.  Give us a call today to start the process. 

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