Mortgage plans for first time home buyers

When you want start a family the first question you should be asking yourself is “how will I provide a home for my family and will I do about it?” Actually if you are a first time home buyer in the United States living in Austin then this question is answered for you. There are several mortgage plans a first time home buyer can get through the government and other private institutions, there is more than one mortgage plan you can actually get attached to;

CONVENTIONAL HOME LOAN PROGRAM
The program is private which means it is not from the government but from private lenders. 

Requirements for this program are;
The client must put down a 3% down payment.
To qualify as a borrower you should have a minimum FICO score of 620.
You must have been employed for a minimum of 2 years and with a stable income.

The program also awards its loans at low interest rates this is for those clients whose FICO score are more appealing.

No lender fees charged.

FHA HOME LOAN PROGRAM The Government’s main target with this program was to upgrade the housing Industry, thus giving its citizens affordable houses. The program guarantees for loans given by private lenders licensed by the FHA thus making the program to have easy qualifications.

Programs requirements are;

When declared eligible you should be able put down a low down payment of 3.5%.
As a borrower to benefit from a 3.5% down payment you should have a minimum FICO score of 580.
Your Dept to Income ratio should be higher that is, your depts should not be above a certain limit mostly set by the lender. The government has dictated for attractive interest rates on the loans.
The program also comes in handy with other programs like the Rehab loans.

VA HOME LOAN PROGRAM.

This is a military based loan program only meant for veterans and other personnel in the Army. The program has features like;
A home buyer is actually paid for everything that is the VA loan finances for the Home you wish to buy up to 100%.
No down payment required from the client or borrower of the loan.
A benefit that comes with VA loans is that it has very low closing costs.
Another thing is that No Mortgage Insurance is demanded for the loans.

USDA HOME LOAN PROGRAM.

The program is for sub-urban and rural  borrowers who wish to purchase homes or fund for other mortgage properties. The program offers full financing to eligible borrowers.
The borrowers is demanded to pay for Mortgage Insurance but at a very low cost.
An eligible client must meet the Income requirements set by the borrower.

​ A HOME IS AN INVESTMENT FOR YOUR FAMILY.