A first time home buyer loan from BrightPath is a great choice to turn your dream of homeownership into a reality. First-time homebuyer programs usually offer lower than average down payments ranging from 0% (VA loans) to between 3-5% of the home’s value. In most cases, these programs also include a type of mortgage insurance that can be structured to fit your needs.
Maybe your new home is still a few years off. Or, are you shopping right now? Whatever your situation, BrightPath can help you better understand your options and choose the right first time home buyer loan for you.
Here’s a look at some of the advantages of our first time home buyer programs:
FIRST TIME HOME BUYER LOANS
LOW DOWN PAYMENTS
The down payment is a cash payment you make toward the value of the home. Traditional mortgages require up to a 20% down payment. On a $250,000 home, that means you’ll need to pay a $50,000 down payment. Most people struggle to come up with that type of cash in time, and to help these borrowers, a number of first-time home buyer loans require very low-down payments or no down payments at all.
This saves buyers a lot of money. For instance, a 3% down payment on a $250,000 home is only $7,500 which is significantly less than $50,000.
In some cases, the lender can provide closing cost assistance, even at 100%, which are fees related to your loan.
ALTERNATIVE CREDIT HISTORIES
If you’ve never taken out a car loan or used a credit card, you probably don’t have a credit history. Unfortunately, even if you’ve always paid your bills on time, not having a credit card history can make it difficult to buy a home. To lenders, no credit score report can be just as bad or worse than a negative credit history.
To help buyers in this position, there are a number of first time home buyer loans that accept alternative credit histories. These credit reports include information related to rent, utility, and insurance payments. A satisfactory record with those payments may be able to get you approved for a mortgage.
A co-signer can help get approved. Unfortunately, many lenders won’t accept a cosigner on your mortgage unless the cosigner lives in the property.
Luckily, many first time home buyer loans can have a non-occupying co-buyer. Parents, grandparents, or anyone else who wants to help, can co-sign the mortgage and act as a co-buyer, but they don’t have to live with you.
FIRST TIME HOME BUYER LOAN PROGRAMS IN GA
To recap, here’s a look at just a few of the potential benefits of some of our first-time home buyer loan programs in GA:
- Low down payment options (3-5%)
- Alternative credit histories accepted
- Closing costs/down payment funding in the form of gifts
- Non-occupying co-borrowers are allowed
- No cash reserves needed
- Loan may be fully assumable depending on loan program
POPULAR FIRST TIME HOME BUYER LOAN OPTIONS
Are you looking for payment and interest rate stability? Are you worried that your credit history might not be good enough? The expert team at BrightPath can work with you to find the best first time home buyer loan to create the perfect match. A few popular home loan options for first time buyers include:
- 15-Year Fixed Rate Mortgage
- 30-Year Fixed Rate Mortgage
- Adjustable-Rate Mortgage
- Federal Housing Administration Loans (FHA Loans)
- Veterans Administration Loan (VA Loan)
Are you exploring first time home buyer loans, loan limits, home equity, mortgage rates, private mortgage insurance, or other mortgage products? Call BrightPath today at 888-222-6003. Or, you can complete our simple form below and one of our experienced mortgage specialists will contact you.
Buying your first home can be confusing, overwhelming, and stressful. Let us work with you in this exciting new journey.