First-Time Homebuyer Basics
Reaching for the American dream of homeownership is an exciting time. Even if you have little money saved to purchase your first home, you still have options. While buying and financing your first home may seem a little confusing, proper education from your personal mortgage advisor will ensure you go into the home buying process with open eyes. Our first-time homebuyer specialists are ready to answer your individual questions and work with you every step of the way.
Benefits of Buying Your First Home
- Stop paying your landlord’s mortgage, and start paying your own instead.
- Build equity in your home so you have something to show for your monthly payments.
- Uncle Sam encourages you to own a home by offering tax advantages.
- No more wondering how much the next rent increase will be.
Most Popular Loan Options
Conventional Loan
- As little as 3% down payment with excellent credit.
- Fixed rate.
USDA Rural Housing Loan
- No money down.
- The seller, your relatives or your friends may pay your closing costs.
FHA Loan
- Only 3.5% down payment.
- The seller or your relatives may pay your closing costs.
- No income thresholds.
VA Loan
- No money down.
- No monthly mortgage insurance (PMI).
- Available to eligible Veterans and active military members.
Adjustable Rate Loan
- Lower initial payment is great for home buyers planning on selling and moving after 3 to 7 years.
For more information about moving to a new home, give Finofi a call at (717) 249-7500. Our expert mortgage advisors are ready to answer your questions and would love to work with you!
