Buying your first home is quite an accomplishment, though it can feel overwhelming and scary! Certain decisions will have to be made, such as what area to buy in, how much to spend, and what homeowner loan is best for you. This can be a tough topic, as many individuals are not given the basic information on home loans before buying their home. At Ace Mortgage Loan Corp., in Pompano, Fl we understand how confusing this can be which is why we offer expert advice and direction to all new homebuyers.
What Are Your Options?
Many loans are suitable for first-time homebuyers; however, the most popular would be the FHA loan. First-time homeowners are almost always just getting on their feet and may require special loans to help them make the appropriate payments successfully. For example, those who choose an FHA loan are only required to pay a 3.5% down payment. This is much less than the standard 25% down payment. FHA loans are also easier on those with lower credit scores.
Another advantage to FHA Loans is that they allow grants and family members to assist in paying the down payment.
An alternative option would be the Fannie Mae Home Ready program. This program also allows homebuyers to make a down payment of 3%, as opposed to 25%. This is a wonderful option for first-time homebuyers who are still figuring out their footing financially. Income plays a large part in what loans are available, and the Fannie Mae Home Ready program offers options to those who are lower-income earners.
If you’ve served in the military, then a Veteran loan would be the best option. Veteran programs are run through the Department of Veteran Affairs and offer veterans to buy a home without a down payment. This is a significant financial benefit, as down payments can be quite expensive. To qualify, you must’ve served in the military for at least 181 days in a consecutive row. Those who are still active military participants need to have served at least 90 days.
At Ace Mortgage Loan Corp., we know that this process can be tedious and confusing. However, with the right advice and direction on your side, you can rest assured that you’ll be able to pay off your monthly payments with ease and success. In business since 1996, we’ve continued to navigate the mortgage business with strategic planning and skill. Our incredible knowledge about home financing and loans in Pompano helps our clients reach their dreams. If you’re looking for first-time homeowner loans in Pompano, call Ace Mortgage Loan Corp. today! Your new home is only one phone call away.