5 Grants and Programs for First Time Home Buyers

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5 Grants and Programs for First Time Home Buyers
Drew Mortgage Associates
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Introduction
For a first-time home buyer, buying a home can be
distressing. Many Americans say that the most
difficult thing to do is to save for a down
payment. Traditional mortgages require a higher
down payment and qualifying them can be
difficult. First-time homebuyer programs and
grants offer financial assistance to you so that
you may be eligible to buy a home.
This presentation will take you through the five
grants and programs that will help you find a
suitable mortgage program.
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Insured by the Federal Housing Administration
(FHA).
Operates within the U.S. Department of Housing
and Urban Development (HUD).
The FHA backs lenders with a layer of protection
so that the lenders wont experience a loss if
you default on the mortgage.
Smaller down payment, lower interest rates, and
lower closing costs than conventional loans.
If you have a low credit score, you still might
qualify for an FHA loan.

• FHA Loan

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A USDA loan is a homebuyer assistance program by
the U.S Department of Agriculture (USDA).
Focuses on residences in certain rural areas.
There may be no down payment required for the
USDA loan program.

• USDA loan

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VA loans are special kind of loans for
active-duty military members, veterans, and
surviving spouses to help them purchase homes.
No down payment and offers competitive interest
rates.
You do not need to pay private mortgage insurance
(PMI).
A minimum credit score is not required to qualify
for a VA loan.

• VA loans

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A rehabilitation program backed by the FHA for a
fixer-upper.
Allows you to borrow the funds you need to fix
the home and includes them in your main mortgage.
The value of the home will be considered after
improvements have been made.
Lower down payment.

• FHA 203k

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HomePath Mortgage

• Made exclusively for first-time home buyers.
• If you become eligible, no down payment is
  required.
• Home buyers should occupy the property as their
  primary residence.
• This loan is available to move-in ready
  properties for both owner occupants and investors.

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Do you want to know more about Grants and
Programs for First Time Home Buyers. Visit
here https//www.drewmortgage.com/grants-and-prog
rams-that-will-help-first-time-home-buyer/
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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]