Being a first time home buyer can be an exciting, yet overwhelming, experience. The most important aspect of the home buying process is to find enough funds to be able to put forth as the down payment of the home. In case the borrower does not have a very good credit history or if they have a low-income, the person who is purchasing the home will need to find a lender that is willing to help them get a loan that will best fit their needs. Despite all of these challenges, there are some federal programs that are specifically-deigned to help first-time home buyers. Additionally, every state may have its own separate form of first-time buyer mortgage programs.
The Different Types of Home Loan Programs
If you are a first-time home buyer, you will need the right information, guidance and support to make your experience a success. AnnieMac Home Mortgage will be able to provide you with all of the information you need. For current home owners, AnnieMac will also be able to provide them with the necessary information and protocol required to refinance their current mortgage.
After we receive your profile, we check through the various amounts of home loan programs that we have and check your eligibility. The following are the most frequent types of loans that we provide our clients with:
- Conventional Home Loan Programs - These conform to all the guidelines that have been set by Fannie Mae and Freddie Mac. These government sponsored entities provide loans to people who are looking to purchase homes at a much lower interest rate than any other secondary market firm.
- FHA Mortgage Loans- The primary goal of FHA goals is to improve housing conditions and standards & provide sufficient home-financing through mortgage loans insurance in order to stabilize the current mortgage market
- Reverse Mortgage Senior Loans- This life-time loan is available to seniors. It is specifically used to release home equity in that property, either as multiple payments or a lump sum
VA Mortgage Loans- Via this program, financing is supplied to eligible veterans in those areas where private financing isn’t available
- 203k Rehab Loans- In this loan, you will be able to get a loan for your “fixer-upper” to be able to turn into your dream home. It is a loan that is given by the Government to make improvements on a home in order to make it livable.
For comprehensive information regarding refinancing a mortgage or following through the home buying application process, contact AnnieMac Home Mortgage at (561)449-2999 or fill out our online form with your questions and we will contact you within the shortest possible time.