Types of Home Loans for First-Time Home Buyers

Different Types of Home Loans for First Time Buyers

Drew Mortgage Associates

âž” Now that you've planned to buy your first home, the next step is to begin looking for the best home loan that suits your needs. âž” With several home loan options available on the market, it can be difficult for first time home buyers decide which to choose Drew Mortgage Associates can help!

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âž” To solve this problem, look for different types of home loans available. âž” Find a program that suits your financial needs.

Contact us: 1-877-949-3739

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Conventional Loans or Fixed Rate Loans ➢ Standard home loan programs have fixed term lengths and interest rates No special features A good credit score is required and approved documentation

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Adjustable-Rate Mortgages ➢ Interest rate changes frequently over the lifetime of the loan The interest rate fluctuates monthly or yearly Popular among buyers who want to enjoy the advantage of low-interest payments

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FHA Loans ➢ The best loan option for first time home buyers You don’t need a high credit score like a conventional loan Suitable for low-income, first time home buyers

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USDA Rural Home Loans ➢ Your home should be 2,000 square feet or less This home loan can also be used to renovate or repair a home It is mainly for low-income home buyers in economically depressed rural areas

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VA Home Loans ➢ This loan is specifically for service members and their surviving families To qualify for a loan, your home must be the primary residence No down payment is required

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Contact Drew Mortgage Associates, who’ll help you to: ● Check your credit score ● Choose the right home loan program ● Guide you through the entire home loan application process

Contact us: 1-877-949-3739

www.drewmortgage.com

Read more about which type of home loan is best for you https://www.drewmortgage.com/types-of-home-loans-for-first-time-buyers-i n-ma-which-one-is-best-for-you/

Contact us: 1-877-949-3739

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DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/

Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080

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Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060

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