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First-Time Homebuyer Loans & Programs

Point2Homes

Below, we’ll review first-time homebuyer loans and programs that will give you a better deal when you purchase a house. The Federal Housing Administration (FHA) operates a program to help people who may not have the best credit history. VA loans are one of the few $0 down payment loan programs, along with USDA loans.

Loans 144
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Assumable Mortgages: What to Know Before Taking Over a Home Loan

Redfin

Instead of applying for a new home loan with todays mortgage rates and terms, the buyer steps into the seller’s position as the borrower and continues making payments under the original loan agreement. Assumable mortgages represent a unique opportunity in the right circumstances but require careful due diligence.

Loans 31
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Beaches, Mountains, Sunshine? Yes, Please. Here’s How to Buy a California Home

HomeLight

An FHA loan is insured by the Federal Housing Administration and available from FHA-approved lenders. An FHA loan is unique in that borrowers are able to use a down payment assistance program for the entire down payment. Mortgage insurance premium (MIP) paid monthly for the life of the loan. down payment.

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What Is a HUD Home? Are the Savings Worth the Risks?

HomeLight

HUD’s Office of Housing also includes the Federal Housing Administration (FHA), an agency that insures mortgage loans issued by FHA-approved lenders to protect against losses if a borrower defaults on a loan. Talk to your agent and a licensed loan officer to explore your options). FHA loans.

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From Contract to House Keys: Breaking Down the House Closing Process

HomeLight

Conventional loans closed in an average of 47 days in July 2021, while FHA loans took 51 days, and VA loans required an average of 52 to close. Step 4: Submit the loan application officially. While you may have been preapproved for your loan, that doesn’t mean you’re done getting a mortgage.

Closing 111
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How to Get a Mortgage Loan: A Step-By-Step Guide for First-Timers

HomeLight

FHA loans are backed by the Department of Housing and Urban Development and accept credit scores as low as 500. However, you’ll have to pay for mortgage insurance for at least 11 years, depending on your down payment size — most FHA loans require mortgage insurance for the entire life of the loan.

Loans 98
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Count the Closing Costs: A Line-By-Line Guide to Closing Costs With A Mortgage

HomeLight

Conventional loan borrowers may not see a significant sum of mortgage insurance due at closing. Borrowers with government-backed FHA loans may need to pay up to 1.75% of the loan cost at closing for mortgage insurance, in addition to the mortgage insurance that’s built into their monthly payments. VA funding fee.