As a first-time homebuyer, you likely have a lot of questions regarding the home buying process. From ordering an inspection to finding the right loan program, it can get pretty overwhelming.
But the best place to start is to learn what types of loan programs you should be looking for as a first-time homebuyer. Keep reading to find out what you need to know about home loans and how you can qualify for them.
Conventional Loans
One of the most common types of loans available for homebuyers is a conventional mortgage. These come in two different types: conforming and non-conforming. The main difference between the two is that conforming loans meet the standards set forth by government-sponsored entities, like Fannie Mae and Freddie Mac.
Conforming loans do have more guidelines and are harder to qualify for than non-conforming conventional loans. However, it should be noted that meeting the requirements for a conforming conventional loan are usually less costly than other types of home loans.
FHA Loans
Lynx Mortgage Bank LLC in Westbury, NY, and many other housing lenders offer government-backed FHA loans for the convenience of first-time homeowners. These loan programs require a much smaller down payment than other loans and are much easier to qualify for than conventional loans.
The only drawback to an FHA loan is that you must pay mortgage insurance. This is typically rolled into your monthly mortgage payment and helps to protect the lender if you end up defaulting on your loan payments in the future.
VA Loans
Veterans, service members, and their surviving spouses are eligible for VA loans. These loans are guaranteed by the U.S. Department of Veterans Affairs but are issued by a participating lender. Many times, VA loans can be obtained without a down payment, and they don’t require mortgage insurance. Additionally, these loans are offered with favorable interest terms.
First Responder Program
No matter whether you are a police officer walking the streets, a firefighter making quick work of burning buildings, or a medic saving lives, you are a true hero who goes above and beyond to keep our communities safe.
You’ve helped others live happier, safer lives, and now it’s our turn to give back. We are offering to discount closing costs to qualified veterans and first responders as a way of saying thanks for being everyday heroes. All qualified veterans and First Responders will receive $1,000 off their closing costs.
Furthermore, as a way to show our support for these communities, Lynx Mortgage Bank LLC has also created a series of financial benefits and programs to make the home buying process as easy for you and your family as possible.
As a first-time homebuyer, there is an abundance of home loans available for you to choose from. To learn more about what loan is best for you and how to qualify, reach out to the professionals at Lynx Mortgage Bank LLC today!
