Best Home Mortgages For First-Time Buyers

Becoming a first-time homebuyer? Then it's time to choose a home loan. The best home mortgage is different for everyone, but there are certain programs that are especially attractive to first-time buyers. Several home loan programs are geared specifically for those embarking on home ownership for the first time. It is a better time than ever to take this step in achieving financial stability. Our agents can connect clients with loan specialists who ease transitions to home ownership.

Popular first-time buyer home mortgage programs:

  • FHA Mortgage. To choose a home loan like the FHA program is both a common and wise decision for many buyers. This home loan is not really a mortgage at all, but rather financial backing from the federal government for the actual lender. FHA-insured mortgages are typically great for many first-timers because they do not need perfect credit or large down payments.
  • VA Loan. Military first-time buyers can choose a home loan like this because they have served in the armed forces. One of the best features about the VA loan is that it allows a first-time homebuyer to buy a home with no money down, or 100 percent financing. Another perk is borrowers aren't forced to pay for private mortgage insurance. VA loans often have more wiggle room when it comes to figuring in the debt-to-income ratio, which can help struggling buyers.
  • HomePath Mortgage. Buyers who purchase Fannie Mae-owned homes may select the HomePath mortgage. This home mortgage program allows qualifying first-timers to buy with a low down payment without purchasing mandatory mortgage insurance. No inspections or appraisals are required, which is another bonus.
  • Renovation Loans. If a property requires renovations, buyers can check into the HomePath renovation mortgage or FHA 203(k) mortgage loan. Both of these programs roll the repair costs into the home loans. Owners can move into homes that feel like new when they take this route.

When it's time to choose a home loan, be sure to seek an experienced loan originator to guide the way. SimonHouses.com has agents who know the concerns of first-time homebuyers and can quickly help connect them with informed financial officers.