Buying your first home is an exciting life event, however, the process can be stressful due to the many financial requirements that come along with it. Selecting a suitable financing option for your situation takes a lot of time and research. Luckily, there are a variety of programs that are available to first time homebuyers, making the home ownership process happen more seamlessly. If you are buying your first home in Jacksonville, Florida, and want to learn more about financing options for first time homebuyers, North Star Mortgage Network, Inc. can help. Read on to learn more about first time homebuyer loans.

Buying Your First Home: Things to Consider

As you prepare to buy your first home, you will want to begin saving additional finances and improving your credit score to ensure that you qualify for a loan. You will need to consider the type of interest rate you can secure and the length of your loan term. Another factor you will need to consider is the amount you will be able to make for your down payment, as well as account for the amount you will have to pay for closing costs. The higher your down payment is, the less you will have to pay for your monthly mortgage payments.

First Time Homebuyer Program Options

There are many types of mortgages available for first time home buyers that offer a borrower lower interest rates, cheaper down payments, and more relaxed application requirements. Some typical first time home buyer options include:

  • FHA loans – these loans are insured through the Federal Housing Administration, and they offer borrowers who may have a lower credit score the opportunity to qualify for a mortgage.
  • VA loans – these loans are insured by the Department of Veterans Affairs, (VA), and are available to current military service members and veterans. VA loans do not require a down payment.
  • USDA loans – these loans are insured through the United States Department of Agriculture and assists borrowers that are interested in purchasing a home in a rural area.
  • Conventional loans – there are some traditional loans available to borrowers who have higher credit scores and offer lower down payments, some even as low as 3%.

Get Help Applying for a First Time Homebuyer Program

Purchasing a home for the first time can sometimes seem overwhelming because there are a variety of expenses to account for when completing the purchase and there are several different loan options to choose from. If you are looking for a home in Jacksonville, Florida, and want to learn more about your first time home buyer financing options, the loan specialists at North Star Mortgage Network, Inc. can help. We can work closely with you to determine the best financing option for your current situation. Contact our office today for a consultation.