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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. (cash picture derived from: Flickr user Andrew Magill)
Do you live in a small or medium sized home and find that you need to increase your entertainment and living space? One of the best capital investments you can make is to renovate by expanding on an outdoor deck. Today, building materials and kits makes it possible for the average homeowner to DIY (do-it-yourself) and save thousands, while choosing a custom layout that works for their lifestyle and family needs. It’s important to know that building a deck isn’t a project that can be completed over the weekend. You will also have to invest in quality materials to ensure that the deck remains safe and visually appealing, years after installation. Read on for a step-by-step plan for designing, planning and installing a deck, and to determine the resale value it can add to your home!
This is an article submitted by a guest author. Not all views expressed are those of AmeriFirst Home Mortgage or its employees. A home inspection is an invaluable tool for a home buyer trying to decide whether or not a specific property is a good investment. Being present for the process can make the inspection even more worthwhile. Asking questions of the inspector and getting his or her opinions about the problems with the house can help the home buyer decide whether or not to move forward with the real estate transaction.
Searching for the perfect home has become quite the chore in the last couple of years. The headlines say it all - housing stock is down. This means you as a buyer have fewer homes to choose from on the market. What's a buyer to do? This can be especially frustrating for a first time home buyer, as most first timers don't have the means to get into a bidding war. There's an option out there for financing your dream home - even if it looks like a nightmare. The FHA 203k renovation mortgage puts the low down payment option of the FHA loan to work with the power of after-improved value once the remodeling is finished.
You've just left your tenth open house this month and your brain is full of details about ceiling fans, crown molding and double-pane windows. You can picture each room and closet, but wait. Did it have energy-saving appliances like that other house you liked? Or was that the third house that also had the solar panels? It's easy to get mixed up when you're looking for houses. There are a lot of details to remember and comparisons to make. Don't rely on your memory to make this important decision. Instead, it's time to make a home comparison scrapbook to keep everything straight.
This is an article submitted by a guest author. Not all views expressed are those of AmeriFirst Home Mortgage or its employees. A home is one of the most time-consuming purchases in the life of the average person, and one that requires extensive amounts of research to ensure that you’re on the right track. The sheer volume of important details that one has to go through can be overwhelming, and this often leads to missing some important points. It’s important to know what kinds of questions you should be asking, and enter your market search prepared and well-armed. Let’s take a look at some of the points you might not immediately think of bringing up.
This is an article submitted by a guest author. Not all views expressed are those of AmeriFirst Home Mortgage or its employees.