You should not go broke buying a home. In fact, the best home loan should not put you in the poor house. The best home loan should also help you afford more than a shack.
Here are 4 home loan programs to get you that first home mortgage, and keep you from going broke.
- HomePath Mortgage. This is for Fannie Mae-owned homes. Many of these houses are going for less than other homes in the market. You can also get help from Fannie Mae on some seller concessions.
- FHA 203k. Find a good deal on a house, and you'll probably find some things "wrong" with it. These could be needed repairs, or desired home improvements. Either way, many projects are 203k-eligible. You can borrow enough money to make the repairs or improvements, and roll it into the same mortgage mortgage payment. One bonus: your interest rate is tax deductible!
- Rural Development. With this USDA-backed mortgage options, you're limited to certain geographical areas. However, you don't need a down payment. This means you can borrow 100% of the loan. This should help with folks who may not have a very big savings account!
- FHA Mortgage. Finally, the traditional FHA mortgage options will mean a low down payment and generally lower interest rates. It's a great option for first time home buyers, as well as other potential buyers.
When you're ready to learn more about the home buying journey and the mortgage process, download the free eBook "The Mortgage-Ready Kit" at the button below!