What mortgage options are available for first-time buyers?

What mortgage options are available for first-time buyers?

First-time buyers typically have several mortgage options, including fixed-rate, adjustable-rate, and FHA loans. Would you like to know more about any specific type?

Can you explain the difference between fixed-rate and adjustable-rate mortgages?

Sure! A fixed-rate mortgage has a constant interest rate and monthly payments that never change, while an adjustable-rate mortgage has an interest rate that may change periodically based on market conditions.

What are FHA loans and who qualifies for them?

FHA loans are government-backed loans designed for low-to-moderate-income borrowers. They typically require a lower down payment and have more flexible credit score requirements.

How much should I save for a down payment?

It's generally recommended to save at least 20% of the home's purchase price for a down payment, but some loans allow for much lower down payments.

Are there any first-time buyer programs I should know about?

Yes, many states offer first-time homebuyer programs that provide down payment assistance, lower interest rates, or tax credits. It's worth checking your local options!