Buying your first home can be overwhelming, but the benefits of being a first time homebuyer make it all worthwhile. You will be able to own a home that suits your needs and lifestyle; establish credit; receive tax benefits; and best of all, you can stop throwing your money away on rent.
New American Funding has home loan experts who specialize in first time homebuyer programs. They can help you through the process of buying your first home and securing a first time mortgage.
As a first time home buyer, you may be concerned about keeping your first time mortgage payments low, especially for the first few years. Our mortgage specialists will help you choose the best home financing option, so you can afford your dream home without struggling to pay your mortgage each month. We have a wide variety of competitively priced loan programs for first time homebuyers including:
- Fixed rate mortgages: The mortgageinterest rate will remain the same on these loans throughout the term of the mortgage for the original borrower. Our popular 30 Year fixed rate mortgage is often the best option for first time homebuyers. Use ourFixed Rate Mortgage Calculator to give you an idea of what your loan may look like.
- Adjustable rate mortgages: An adjustable mortgage has an interest rate which is adjusted periodically based on a pre-selected index. The advantage of an ARM is that you may be able to afford a more expensive house because your initial interest rate and payments will be lower in the first few years.
- FHA loans: This is a low interest loan insured by the Federal Housing Administration which is open to all qualified homebuyers. While there are loan amount limits for FHA loans, they are usually sufficient to cover most moderately priced homes anywhere in the country.
- VA loans: A long term, low or no down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.
Try our mortgage affordability calculator. It will help to determine the amount you can afford to spend on a mortgage each month, based on your current income and expenses. We make the borrowing process easy and convenient for first time homebuyers, by offering competitive rates and minimizing fees, normally incurred with a loan arranged through a broker.