Types of Home Loans for First-Time Home Buyers

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Types of Home Loans for First-Time Home Buyers

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First time home buyers have several home loan program options and it is important to choose the right one for you. Every first time home buyer has different needs. With so many options available, we select the best home loan program for you. Read more about the different types of mortgage loans - – PowerPoint PPT presentation

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Title: Types of Home Loans for First-Time Home Buyers


1
Different Types of Home Loans for First Time
Buyers
Drew Mortgage Associates
2
  • Now that you've planned to buy your first home,
    the next step is to begin looking for the best
    home loan that suits your needs.
  • With several home loan options available on the
    market, it can be difficult for first time home
    buyers decide which to choose
  • Drew Mortgage
    Associates can help!

3
  • To solve this problem, look for different types
    of home loans available.
  • Find a program that suits your financial needs.

4
Standard home loan programs have fixed term
lengths and interest rates

No special features

A good credit score is required and approved
documentation
  • Conventional Loans or Fixed Rate Loans

5
Interest rate changes frequently over the
lifetime of the loan

The interest rate fluctuates monthly or yearly

Popular among buyers who want to enjoy the
advantage of low-interest payments
  • Adjustable-Rate Mortgages

6
The best loan option for first time home buyers

You dont need a high credit score like a
conventional loan

Suitable for low-income, first time home buyers
  • FHA Loans

7
Your home should be 2,000 square feet or less

This home loan can also be used to renovate or
repair a home

It is mainly for low-income home buyers in
economically depressed rural areas
  • USDA Rural Home Loans

8
This loan is specifically for service members and
their surviving families

To qualify for a loan, your home must be the
primary residence

No down payment is required
  • VA Home Loans

9
  • Contact Drew Mortgage Associates, wholl help you
    to
  • Check your credit score
  • Choose the right home loan program
  • Guide you through the entire home loan
    application process

10
Read more about which type of home loan is best
for you - https//www.drewmortgage.com/types-of-h
ome-loans-for-first-time-buyers-in-ma-which-one-is
-best-for-you/
11
DREW MORTGAGE BRANCH OFFICES
Drew Mortgage Associates 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone
508-753-1656 Website https//www.drewmortgage.com
/
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 Phone (978) 750-1080
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone (617) 523-3060
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