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Different Types of Home Loans for First-Time Buyers

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Are you the first time home buyers? Seeking for the best and suitable home loan options? There are some of the home loans available for the first time buyers. But each type of home loan has different criteria for approval. Before applying for the mortgage loan, you need to understand what your objective is, financial situation, and as per that which loan option fits you the most? so that you can decide which one is the best for you. – PowerPoint PPT presentation

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


1
Types Of Home Loans For First-Time Buyers Which
One Is Best For You?
  • Drew Mortgage Associates, Inc.

2
5 Types of Mortgage Loans
  • There are plenty of home loan options available
    for first-time buyers. It is crucial to choose
    the correct one for you. It will be well worth
    your time and energy to do some homework,
    starting with more information about the
    different types of home loans available to you.
  • Following is a brief description of the 5 main
    types of mortgage loans available
  • Conventional or Fixed Rate Loans
  • Adjustable-Rate Mortgages (ARM)
  • Federal Housing Administration (FHA) loan
  • USDA Rural Home Loan
  • VA Home Loan

3
5 Types of Mortgage Loans
  • 1
  • Conventional or Fixed Rate Loans
  • 2
  • Adjustable-Rate Mortgages (ARM)
  • 3
  • FHA Loan
  • These are standard loan programs that follow set
    guidelines, with fixed term lengths and rates of
    interest and no special features such as low down
    payment options.
  • An adjustable-rate mortgage is a home loan with
    an interest rate that varies according to
    specific benchmarks, which are predetermined at
    the outset of the mortgage.
  • FHA home loans are well suited for low income
    first time home buyers and those with college
    loans, car payments, and credit card balances.

4
5 Types of Mortgage Loans
  • 4
  • USDA Rural Home Loan
  • 5
  • VA Home Loan
  • The USDA Home Loan program, also known as the
    Rural Development Guaranteed Housing Loan
    Program, is a mortgage loan offered to potential
    rural property owners by the United States
    Department of Agriculture, USDA.
  • A VA loan or the Veterans Affairs Home Loan is
    approved by Department of Veterans Affairs, aimed
    for those who are serving in the US military, who
    have been serving or served as military.

5
  • Drew Mortgage Associates, a leading mortgage
    company in Boston, and approved by the FHA, VA,
    USDA as well as HUD can guide you through the
    entire mortgage loan application process.
  • Drew Mortgage Associates, Inc.
  • 196 Boston Turnpike Road Shrewsbury, MA 01545
    Phone 508-753-1656 Toll Free 877-949-3739
  • www.drewmortgage.com
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