Midland Texas First Time Home Buyer Loans

If you are a first time home buyer, you may be unsure of what your loan options are. However, there are multiple loan products out there that can help you finalize your first home purchase. When it comes to a mortgage loan, you want to have all the facts to ensure that you are getting the best possible mortgage terms.

Using an FHA Loan Makes Buying Easy

FHA loans are an easy way for anyone looking to purchase their first home. These loans allow you to get approved for a mortgage with as little as 3.5 percent down and with a credit score of 620 or higher. FHA loans also make it possible to get a loan even if your debt-to-income ratio falls outside of the 28/36 rule.

VA Loans Are Available for Veterans

Those who served in the military may qualify for a VA loan. In general, you must have been honorably discharged, served at least 90 days in a combat zone or 181 days during peacetime and served for two years as an active member or six years in the national guard. If you qualify for the loan, you can get up to 100% financing, meaning you may not need a down payment.

The Rural Housing Service May Be Able To Help

Anyone who looking to purchase a home in a rural area can use the RHS for a USDA Loan to purchase a house with low closing costs and minimal fees. The program is designed to help folks who may not be able to afford a home or find a suitable apartment for rent in their area. For example, if you lived in a rural area outside of Odessa, TX, you may qualify for the loan, and the best part is the USDA loan program offers up to 100% financing.

Fixed Loan Or Variable Rate Loan?

A fixed rate loan is a loan that has a set interest rate for the life of the loan. A variable rate loan has an interest rate that will shift up or down depending on the strength of the housing market and the overall economy. Typically, you want a fixed rate loan for peace of mind each month when your payment comes due. However, an adjustable rate loan may be suitable if you plan on an increase in income in the near future, but need a lower interest rate to start, or if you do not plan on living in the home for more than a few years. As your financial situation changes, it may be possible to refinance your adjustable-rate mortgage into a fixed-rate mortgage.

If you are purchasing your first home, you need to know what loan options are available to you. Make sure that you understand the terms and conditions that come with each available loan opportunity to ensure that you qualify. Overall, these are all great options for people who want to become homeowners for the first time.

Venta Mortgage is Your Midland Mortgage Company

If you are a first time home buyer, it’s important to work with a local mortgage company who can walk you through the process. With our multiple home loan programs, we can help you find the best possible mortgage for your individual needs. Since we are located in Midland, TX we pride ourselves in helping our local and surrounding communities with their home financing goals, and offer a free home purchase evaluation. Getting pre-approved for a home loan with Venta Mortgage is an easy process, and can be started right here on the website. As your Midland mortgage company, we look forward to serving you!