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The AmeriFirst Home Buyer Learning Center

AmeriFirst Home Mortgage

Recent Posts

Don’t Overlook a Crucial Step When Buying a Condo with FHA or VA Loan

Posted by AmeriFirst Home Mortgage on Thu, Mar 29, 2018

If you’re a person on the go and hate mowing grass and raking leaves, maintenance-free condo living might be for you. And if you’re buying a condo with an FHA or VA loan program because of their attractive low-down payment and flexible credit qualifications, you need to be aware that the condo you are considering must be in an approved development.

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Topics: Mortgage process

What Does it Take to Maintain a Home Each Year?

Posted by AmeriFirst Home Mortgage on Fri, Feb 23, 2018

Being a homeowner has perks. You have privacy. You have freedom to do what you want with decor and style. As a homeowner you can decide to have a party that goes until 5am (if you're not too loud for your neighbors). It's great. But owning your home also means you have to take care of your home.

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Topics: homeowner information, Pinterest, home maintenance

Five Reasons You Should Stop Renting and Buy Your Own Home

Posted by AmeriFirst Home Mortgage on Fri, Feb 16, 2018

Is it time for you to get out of the rent race and buy a home of your own? There are plenty of advantages to homeownership. And while buying isn’t right for every person or for every life stage or circumstance, there are several perks of homeownership that tend to stay stable over time. These include building long-term equity, the comfort and pride that can be associated with owning your own home and, of course, lower overall monthly cost.

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Topics: renovation mortgage, Renovation Loan, Mortgage process

No Down Payment Mortgage Loans for First Time Buyers

Posted by AmeriFirst Home Mortgage on Tue, Jul 11, 2017

Two of the most popular mortgage loans for first-time buyers are the USDA Rural Development loan and the VA (Veterans) Home Loan. The main reason these two loans are so popular is because both loans allow you to purchase a home with very little or no money down (also known as a Zero Down or No Down Home Loan). Zero down home loans are most common among first-time homebuyers since they are typically young married couples or single professionals who are just starting out, and haven't yet saved enough financial resources to fund a down payment.

At AmeriFirst, we specialize in both USDA Rural Development and VA Home Loans.

Download our Concise Guide for the First Time Home Buyer.


Here is a quick overview of the first-time homebuyer loans with zero down:

USDA Rural Development Loan

The USDA Rural Development Loan is offered through the U.S. Department of Agriculture. With this loan you can borrow up to 100% of the appraised value of the home, and in some instances, up to an additional 2% more that can be used for small repairs or improvements. One of the main requirements of the USDA loan is that the subject property must fall within a specific geographical location that is outside a city/metropolitan area.

To find out if a particular property falls within the USDA required area, visit the U.S. Department of Agriculture website.

VA Home Loan

The VA Home Loan (Veterans) is another popular Zero Down Payment Mortgage offered by the Department of Veterans Affairs. Signed into law back in 1944 by then President Franklin D. Roosevelt, the Servicemen's Readjustment Act (GI Bill of Rights) offered veterans a federally guaranteed home loan with zero money down. There are some very specific eligibility requirements in order to qualify for a VA home loan so be sure you visit the U.S. Department of Veteran Affairs website for more details. You can also reach out to one of our friendly loan officers at a branch close to you.  

Even though both of these loan products are first-time homebuyer loans with zero down, there are still some out-of-pocket expenses when buying a home, i.e. earnest money, and home inspection. Make sure you have enough money saved up to cover these Buyer costs.

Learn all about the first home buying process with our "Get Mortgage Ready Kit." The free eBook has a ton of information including a glossary of mortgage terms to help you be a more powerful and educated buyer.

Download Your "Get Mortgage Ready Guide"

 

(cash picture derived from: Flickr user Andrew Magill)

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Topics: USDA Rural Development, first time home buyer, +, VA Mortgage Loans

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Down payment and terms shown are for informational purposes only and are not intended as an advertisement or commitment to lend.  Please contact us for an exact quote and for more information on fees and terms.  Not all borrowers will qualify.
 
AmeriFirst Home Mortgage is a division of AmeriFirst Financial Corporation. 950 Trade Centre Way Suite 400 Kalamazoo, MI 269.324.4240 Equal housing lender
 

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Download your Yearly Home Maintenance Checklist!

Taking care of a home takes work and organization. While we can't do the work for you, hopefully this checklist helps you stay organized. Download your printable version below!

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Download the Home Maintenance Checklist