Types of Home Loans for First-Time Home Buyers

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Different Types of Home Loans for First Time
Buyers
Drew Mortgage Associates
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• 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!

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

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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

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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

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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

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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

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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

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• 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

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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/
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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 [phone]
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone [phone]