(NewsUSA) - Despite increased interest rates and inventory challenges, you can still be a homeowner this year.
Many first-time homebuyers may not realize that there are many ways to make home ownership happen, and not all of them involve a 20% down payment.
The need to put down 20% of the cost of a home is a general misconception according to Freedom Mortgage, a residential mortgage lender with experience originating conventional, FHA and VA loans. They are an independent, non-bank, full-service, residential lender whose mission is to expand opportunities for first-time homebuyers, especially military personnel and consumers with low down payments.
One secret to securing a successful loan is to work with a loan officer who is experienced in the wide range of available home loans, especially those backed by the U.S. government. That way, homebuyers are aware of all potential financing opportunities and companies who offer those options. A good loan officer will walk you through the process and find a loan that works for your budget. Remember—even if your credit history is less than stellar, or if your resources for a down payment are limited, owning a home is still within reach.
Government-insured loans for first-time homebuyers that don’t require a 20% down payment include:
For homebuyers with good credit and finances, a conventional loan may be a good bet, because these loans allow you to finance a wider range of houses than other mortgage types do. Conventional loans also may allow you to borrow more money to finance a more expensive home.
The bottom line is that home ownership can—and should—be available to everyone. A lender such as Freedom Mortgage can help identify the best loan that lets you purchase a home sooner and start to build wealth through home equity.
Visit www.FreedomMortgage.com for more information or call 833-687-1212 for assistance.