Benefits for First Time Home Buyers
The year 2020 has been challenging for people across the world. However, the real estate market of the USA saw a change in buying behavior. Many people who already had a property buying experience in the past and ready money did not hesitate to add one more home to their list despite the uncertain times. People who were planning to buy a home for the first time were a bit skeptical about the process and benefits available for them. Well, a first time home buyer or FTHB in the real estate terms refers to a person who has no previous record of home registry in his/her name. A person with no property registration in the past 3 years is also termed as FTHB. Reasons are very clear – with changing times, many policies, benefits vary. So, a person not involved in property buying for a minimum of 3 years is eligible for first-time home buyer benefits. If you are also looking for some sort of help through programs, here’s a list of loan benefits that these First time home buyer programs MA includes.
FHA LOANS
FHA Loans or Federal Housing Administration Loans are mortgages insured by the U.S. Department of Housing and Urban Development. This loan benefits first-time home buyers with lower credit scores and down payments. The down payment widely depends on the credit score here. If your credit score is good, the down payment percentage can be less, and the loan amount can be more. FHA Loans are one of the most applied loans amongst the first time home buyer programs MA. It is a national level FTHB program available across the USA. Also, FHA loans need mortgage insurance. Connect to Drew Mortgage Consultants to apply for FHA Loans.
USDA LOANS
The U.S. Department Of Agriculture provides USDA Loans to encourage homeownership in rural and suburban areas. The loan offers zero down payment mortgages to moderate or low-income group home buyers. To qualify for a USDA rural development home loan, a borrower must meet income (people who earn above a certain threshold are ineligible), credit, and employment requirements and be a US citizen, Resident-Alien, or a qualified non-Resident Alien. The property you are willing to buy must be located in a rural or suburban area. If you are not sure about the area location, Drew Mortgage can help you find the nearby rural locations suitable for the USDA Loan terms & conditions. The applicant does not compulsorily need to be the first time home owner to be eligible for USDA Loans. However, if you are planning to buy your first home for primary living in a rural area, this is one of the best loans to get maximum FTHB benefits. Drew Mortgage Associates, Inc is an approved USDA lender. We can help you with various options of a USDA rural housing loan and also plan customized loan solutions for first-time home buyers in MA.
VA LOANS
The U.S. Department of Veterans Affairs provides home loans to eligible veterans, military members, and their surviving spouses. The interest rates are competitive and, in most cases, do not require mortgage insurance or down payment. The Credit score is not officially declared. However, VA lenders consider a good credit score a critical aspect of getting approval for VA loans. The first time home buyers also benefit from seller contribution, grants to minimize the closing costs. The PMI is not required in these loans. However, the homeowner needs to pay the funding fee. Indeed this is one of the leading First time home buyer programs MA, benefiting a large number of military officials & their families. At Drew Mortgage, we also offer Jumbo VA loans based on the eligibility criteria & loan requirements.
When you buy a home for the first time, look out for these loan options before taking a final call. These FTHB loans turn out as a way better option than the standard loan options. If you need an expert by your side, connect to Drew Mortgage.
Drew Mortgage Associates, Inc. is not just a mortgage lender. We are best known as the comprehensive mortgage planners. Our consultants can provide you with FTHB mortgage loans and loan refinancing services to reduce loan terms or lower interest rates. We believe in providing tailor-made mortgage loans as per the need of our clients. Our professional home loan officers can guide you with the best loan option for your financial needs. We also assist our clients throughout the mortgage loan process. At Drew Mortgage Associates, Inc., you can be sure of the best loan suggestions and assistance in entire Massachusetts. We are one of the most preferred Massachusetts mortgage companies. If you are confused in choosing your ideal First Time Home Buyer Program, our consultants can help you the best!
