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FHA Loan Program Guidelines
Explore FHA loan programs and guidelines by HomeTown Lending when buying a home in Dallas, TX. Contact them now for a flexible process and get pre-approved today! Reach out to them to learn more about the qualifications for FHA loans.
FHA Loan for Home Buyer in Texas
Find out how much you can borrow with an FHA loan in Texas. Reach out to HomeTown Lending who offers flexible FHA loans with an interesting low down payment. Get pre-approved today!
Guidelines for FHA Loan First-Time Home Buyer in Texas
Own a Dallas home with an FHA loan. HomeTown Lending offers easy qualification and low 3.5% down payments. Contact them and get pre-approved today!
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What Are The Best First Time Home Buyer Incentive Programs
Buying a home is an enormous financial decision. A decision that hugely affects your credit, finances and often leads to a reduced budget. To keep the finances in order, a vast majority of first time home buyers opt for getting mortgages. However, most traditional mortgage programs require a down payment of 20% to qualify for the mortgage. But what if your budget is tight and making a 20% down payment is not an option? Don’t worry; there are several first time home buyer incentive programs that provide loans for small or no down payment.
First Time Home Buyer Loan Programs:
USDA, VA and FHA are the most sought after loan programs for first time home buyers. Here is a brief idea about each of them.
USDA Loan For First Time Home Buyers:
Also known as the “rural loans”, USDA loans are backed by the US Department of Agriculture. The mortgage program requires zero down payments for the qualification. Some other requirements that the borrowers must fulfill are:
Steady employment history.
The desired property must be located in an eligible rural area.
The borrower must not already own a home.
No mortgage insurance is required. However, there is a 2% upfront fee which is often rolled into the mortgage.
To learn more about this loan, visit the USDA official website.
VA Loans For First Time Home Buyers:
The Department of Veterans Affairs backs this loan. Just like USDA, the down payment requirement for VA loans is also zero. However, this program is only limited to the military veterans of the US. The highlights of the VA loan are:
The borrower must have served at least three months during wartime
The borrower must have at least six months during peacetime
No mortgage insurance is required. Hence the reduced monthly payments
Learn more about VA loan here.
FHA For First Time Home Buyers:
One of the “go-to” first time home buyer incentive programs. The minimum down payment requirement is 3.5 percent. FHA is backed by Federal Housing Administration and provides loan on lower rates than traditional loans. The highlights of the loan program are:
3.5% down payment with a credit score of 580
Requires a steady employment history
Applicable to all types of homes
30-year fixed rate mortgage
Here you can learn more about the FHA loan program.
These are the top three first time home buyer incentive programs. All have particular criteria for a specific class of borrowers. Before applying for a program, have a thorough analysis of each program and then choose the one that suits you the best.
