Great milestones are accomplished through preparation, hard work, and determination. For most, one of the great milestones in life is buying a house. However there are many who never accomplish this goal because the feat seems out of their reach. Too high a hill to climb. When in reality it’s as easy to buy a home today as it ever was. It just takes a little preparation, some work, and determination.
Potential first time home buyers may feel like there are some obstacles in their way. Such as high down payment requirements or very strict credit standards. This is far from the truth. There are loan programs available today that have a zero down payment, allow you to finance any closing costs into the loan and only require a 620 credit score. It doesn’t get any easier than that.
Coastlend Mortgage educates its first time buyers so they can make informed and educated decisions about what loan options are available, what works best for their family and what makes the most sense for them, be it for a purchase or no closing costs refinance.
Some of the great mortgage programs offered to first time buyers include USDA, FHA and Coastlend’s 3% down NO PMI loan.
USDA loans are specifically for rural homes but you’d be surprised what is considered rural. Sometimes it’s just outside of town. USDA comes with a host of benefits. First, there’s no down payment required. It’s a thirty year fixed rate- therefore there will be no change in payments. On some transactions, closing costs can be financed. Lastly, USDA offers extremely low rates which is crucial for first time home buyers. To look up a property’s eligibility click this link: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
FHA loans have below market rates and relaxed credit standards. Worried about student loans and other bills holding you back? Don’t, FHA loans make it easier to qualify for more with less income than other loan options.
One of our favorites is our 3% Down NO PMI loan. By avoiding expensive monthly PMI your payment is lower than other conventional loans that require PM. PMI is an extra insurance that is tacked on to your monthly mortgage payment when you make less than a 20% down payment at the time of purchase. This also allows you to purchase a more expensive home because you can afford more with the lower payment.
These and other creative loan offers at Coastlend Mortgage, make it easier than ever for first time home buyers. We offer free pre-approvals. Give Coastlend a call today and you’ll be guided home! 843-388-5763