There are a number of loan programs that can assist you in buying your first home. Affiliated Mortgage has helped hundreds of customers with home purchases with the following programs:
FHA loan program: It can be quite an affordable option for first-time homebuyers because the qualification requirements are typically not as strict as for other loan programs. The minimum credit score requirement for this loan is 580 or higher with a down payment of approximately 3.5%.
USDA loan program: This is an option for home buyers looking for homes in approved rural locations. USDA loans are great for first-time homebuyers with limited income because they are fully guaranteed by the USDA. A credit score of 640 or higher is required with zero to minimal down payment.
VA loan program: U.S. military members, including veterans, active duty and their family members can avail themselves. VA loans are backed by the department of veteran affairs. Luckily, there is no restriction on credit score and minimum down payment.
Conventional loan program: This is an option for home buyers with a credit score of 620 or higher. Conventional loans tend to be backed by Fannie Mae or Freddie Mac and require a minimum down payment, good credit scores, and a PMI if the down payment is less than 20%.
Do you want to know which program you can qualify for? Click here