First Time Home Buyer Loan

Congratulations on your decision to purchase your first home! Purchasing a home is a great investment for you and your family. To better understand the mortgage process when purchasing your first home review Superior Lending's mortgage process page.

Resources

First time home buyers can often receive downpayment assistance from their local city housing authority. Check online for available funds, applications, deadlines, eligible neighborhoods, terms and conditions. Many have no-interest loans available that need not be repaid until after the the property is resold. Workshops and seminars are often available to help you understand the responsibility and planning involved in owning your first home.

Financing

First time home buyers no longer need to have a downpayment to mortgage a home, although having one increases your chances of recieving a better interest rate. Closing costs must be paid by you or the seller from whom the home is being purchased. Mortgage programs available to first time home buyers are:

Conventional Loan
FHA Loan
VA Loan - For eligible military personnel
Fixed Rate
Adjustable Rate

"Tip"

Negotiate the seller paying for closing costs or give you a "gift" as a downpayment into the real estate purchase contract.