Are you a first time home buyer (FTHB) wanting to buy a home in Missouri? Do you have questions about what the best options are for your first home loan? If you answered yes we are here to help, we are PrimeLending and we are your home loan specialist. We’ve assisted thousands of first time home buyers in the Springfield Missouri area including Nixa, Ozark, and other outlying communities like Willard, Bolivar, Republic just to name a few.We understand that purchasing your first home can be a complicated and confusing time.
The terminology and loan program requirements can often times be frustrating and it can be very difficult to figure out which home loan option is right for you. We strive to guide you through the entire process so that you are able to choose the best loan program for your unique needs. Visit our blog as it has several great articles to help the first time home buyer. Conventional loans have higher financial requirements and don’t always provide you the best opportunity for the lowest rate. This loan program requires a higher credit score and a down payment of at least 5% or more.
If you haven’t had the opportunity to save up that 5%-20% down payment, you do still have the ability to own a home using a government created loan program. These special programs are designed to help first time home buyers by lowering credit requirements and often times requiring a lower down payment and interest rate. FHA loans are one of the most common loan programs amongst first time home buyers. These loans have more relaxed credit requirements and down payments as low as 3.5% that can be gifted from a family member or used in conjunction with a down payment assistance program like MHDC. These loans do, however, have a loan limit of $271,050.
Another loan program popular for current and retired service men and women is the VA loan. This loan program was created by the government in order to aid these former military personnel by providing home loans with zero down payment. These loans do also qualify for great rates and have a loan limit of up to $417,000 in the state of Missouri. At PrimeLending we believe that everyone should have the option to own their dream home, and are certain that we can make this a reality regardless of any special circumstances.
To inquire about your options use our easy online Mortgage Assistant or give us a call today!