Explore Loan Types
Buying your first home is a major decision – and it comes with some major benefits. A home gives you the ability to find the space that suits your needs, it offers tax benefits, the option to refinance later, and it could eventually produce a long-term financial gain by increasing in value. If you want to enjoy the benefits of home ownership, you may wonder where do you begin the process. There are several first time home buyer programs that offer low rates so you can afford the house of your dreams.
Here are some of the options that you can discuss with a certified loan specialist:
- Fixed Rate Loan: The mortgage interest rate remains the same on these loans throughout the mortgage term. The 30-year fixed rate mortgage is often a popular option for first-time homebuyers.
- VA Loans: A long-term, low-to-no down payment loan guaranteed by the Department of Veterans Affairs. It’s restricted to individuals qualified by military service or other entitlements.
- FHA Loans: This is a low interest loan insured by the Federal Housing Administration that is open to all qualified homebuyers. While there are loan limits for FHA loans, they’re usually sufficient to cover most moderately priced homes anywhere in the country.
- FHA 203k Loans: The FHA 203k is a renovation loan program that provides funds for both the purchase and renovation of a home.
- Reverse Mortgage: For homeowners age 62 or older, a reverse mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain home ownership.
- Florida USDA Home Loan: USDA loans are insured by the United States Department of Agriculture.
We specialize in first time buyer programs and have down payment assistance options in your area. If you’re unfamiliar with mortgages, we have resources like our information-rich blogs and a Mortgage FAQ that can help educate you on the home buying process.
To help determine the amount you can afford to spend on monthly payments based on your current income and expenses, you can use our mortgage calculator.
Call us at (813) 956-5337 for help today!