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5 Ideal Programs for First-Time Home Buyers
Posted by : Moneek-2
Buying a home for the first time is always a challenging experience. At the same time, it can also be a thrilling one, thanks to the many great first-time buyer programs available to help new homeowners obtain a mortgage in a quick, efficient manner.
FHA
FHA mortgage loans are insured by the Federal Housing Administration, freeing an FHA lender to provide monetary assistance to borrowers with limited income and/or an average credit rating. Other types of FHA home loans include FHA 203(k) Streamline loans for those who need loans to purchase a home and fix it up and FHA Streamline Refinance loans for those who need to refinance a home to lower the interest rate on the original mortgage loan. Not surprisingly, the FHA loan program is one of the most popular mortgage loan options in the United States.
THDA
What sets THDA loans apart from other mortgage loans is the fact that a THDA loan is administered not by the lender who originally granted the loan but by the Tennessee Housing Development Agency. THDA is a government agency dedicated to helping people with limited income not only purchase their own home but also maintain ownership long-term. Mortgage Investors Group has been the number one THDA lender in the state for the last 15 years.
The Great Choice Home Loan Program, which is run by the Tennessee Housing Development Agency, provides affordable mortgage loans to people with middle-class or moderate income. These loans are 30-year, fixed interest rate loans, making it easy for homeowners to pay off the loan on time.
Related Read: THDA Down Payment Assistance
USDA Home Loans
The USDA loan program offers unique perks and benefits, including full financing with no down payment, financed closing costs in some instances, low fixed-interest rates and lenient credit requirements. Furthermore, even borrowers with credit issues and/or a prior bankruptcy can apply. To obtain funding from a USDA lender, one would need to meet income guidelines and purchase a home in a designated area. Mortgage Investors Group has been named as the number one USDA lender in the state of Tennessee four years in a row.
Related Read: USDA Loans: Top Questions Answered
VA Loans
The VA insures loans made to active-duty military members, veterans and qualifying National Guard and Reservist members. In some instances, spouses of military members may also qualify for a VA home loan. VA loans offer better rates and terms than regular loans and the program also allows borrowers to refinance a home in the future should the need arise.
Related Read: Debunking Common VA Loan Myths
MIG makes it as easy as possible to obtain any one of the above-mentioned mortgage loans. You can get in touch with us in person, by phone or email or even complete the application process online at your convenience. Our lenders have a reputation for providing first-time home buyers with friendly, helpful, prompt service to ensure that new homeowners get the best possible deal.
Related Read: Tips for First Time Homebuyers
