Buying your first home is an important milestone in your life, and here at 1st Alliance Lending, it’s a privilege for us to partner with you to help turn your dream of owning a home into a reality.
You’ve probably heard about first time home buyer’s programs, and you might be wondering if you’re a good fit, since you’re looking to buy your first home. You’ll be happy to hear you’ve come to the right place. Let’s take a closer look at what goes into a first time homebuyer’s program, and we’ll see if it’s a fit for you.
Most first time homebuyer’s programs include a recommendation for an FHA loan. An FHA loan might be a good fit for you for a few different reasons. First of all, you might not have a lot of money for a down payment on a home right now. You also might have just entered into the job force, and you’re not making as much money as you will be in say, five to ten years. It’s also possible that your credit score might not be excellent, either due to lack of credit, or because you made some mistakes with your credit when you were younger.
With an FHA loan, you’ll find that the credit and income requirements are much more flexible than other types of mortgage loans. The FHA loan is government-insured, which means you can have the flexibility you need, without a large down payment on your first home. You will need mortgage insurance with an FHA loan. Our expert sales team will be able to work with you to determine if you meet the eligibility requirements for this type of loan.
Which loan is right for me?
Whether you’re a first time home buyer, or you’ve dealt with foreclosure in the past, and you’re looking to purchase a house after doing some repairs on your credit, the only way to know which loan is right for you is to speak with a professional who can offer you guidance.
Here at 1st Alliance Lending you’ll find that our staff is reliable, honest and trustworthy. It’s our goal to put our borrowers first. If you’re interested in learning more about mortgage options, we would love to talk with you. For more information, contact us today.