A first time home buyer is typically defined as someone who has not owned any property at any time within the past three years prior to the new purchase.
Purchasing a home can seem to be a frightening step for those individuals who have either never experienced it before, or have not owned property in a few years. Here at Coastlend Mortgage, we educate our 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 1% Down Loan Program.
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 1% Down Loan Program! With this program, you only have to put down 1%, your lender contributes 2%*, giving you 3% equity at closing! Call us today to get more information on this great loan program, and to see if you qualify!
These and other creative loan offers at Coastlend Mortgage, make it easier than ever for first time home buyers. Give Coastlend a call today and you’ll be guided home! 843-388-5763
or Apply Today!