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Blog Image:  5 first-time home buyer loans

5 first-time home buyer loans

1. FHA loans FHA loans are “guaranteed” by the Federal Housing Administration. That doesn’t mean you’re guaranteed to be approved. Rather, the FHA will reimburse the lender if the borrower defaults on their mortgage loan. Because FHA loans come with this built-in protection, they offer a lower barrier to entry than most other mortgage products. FHA loan benefits for first-time home buyers Minimum down payment requirement is 3.5% (on a $200,000 loan, that’s just $7,000) Low interest rates Lowest credit score requirements of all mortgage...

February 1st, 2021 | First time homebuyers , 5 first-time home buyer loans