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First-time homebuyers (FTHBs) have unique challenges when it comes to buying a home and taking out a mortgage. Without the proceeds of the sale of a current home to be put towards the purchase of a new home, it can be difficult for a first-time home buyer to afford the funds needed for a down payment to take out a mortgage.
That’s why it’s so important for a first time buyer to team up with a seasoned mortgage professional to help them secure the right mortgage to help them finance a home purchase.
Luckily, there are several loan programs available to first-time home buyers, including mortgage products that do not require a hefty down payment or high credit score, and closing cost assistance that can make homeownership more accessible.
Sammamish Mortgage loan specialists can help guide you through the loan process. We will get you pre-approved for free before you even find your new home and we can match you with a trusted real estate agent through our partner networks.
Our variety of available loan programs for first-time home buyers allow you to buy your first home with very little down. We will work to ensure the mortgage payments meet your unique needs. We have helped thousands of clients get into their first homes. Speak with one of our experts to find out more and get preapproved for a mortgage before you start house hunting!
Backed by the Federal Housing Administration (FHA), these home loans are perfect for buyers who don’t have a big down payment or a perfect credit score. You can purchase your house with as little as 3.5% down and a credit score as low as 580!
Most FHA loans with less than a 20% down payment will require you to buy private homeowners insurance (PMI) but you can refinance and get rid of the requirement once you build up equity. There are many state assistance programs to help with your closing costs as well.
A 30-year fixed-rate loan is ideal if you have 20% down and decent credit to get a favorable interest rate. You’ll have a predictable, low monthly mortgage payment and closing costs can be estimated from the start for no surprises. Depending on where you buy real estate, you can have some flexibility with loan limits.
Another of several government programs, VA loans and refinances can deliver an amazing deal for veterans and military members. Those who qualify for this loan can purchase with no down payment and no PMI. It’s the perfect loan option for eligible first time buyers who may have trouble coming up with a hefty down payment amount to secure a mortgage.
At Sammamish Mortgage, all of our Loan Officers (LOs) are salaried. This means they always put the client first, making sure you get the best loan for your budget, not the biggest one to earn a commission.
We offer some of the most competitive rates in the nation, and it’s our goal to give you a hassle-free home loan experience. We’re proud to say we close most of our loans in 30 days or less. We offer a wide variety of home loans, including FHA and VA loans, so you can start looking for a home as soon as possible.
For more information on your first time homebuyer mortgage options, feel free to contact us today. We currently lend in all of Washington, Oregon, Idaho and Colorado and have been offering mortgage programs to borrowers since 1992. Our friendly team of experienced mortgage professionals will advise you on which home loan program best meets your needs.
Are you ready to apply for your home loan and lock in a low interest rate? If so, Sammamish Mortgage can help you get started. Get in touch with us today!