During Single Lady Estates' Women & Real Estate Podcast with Jessica Maroto Sanchez of Integrity Realty, Jessica discusses creative loan financing and new home buyer programs that provide additional options for people looking to purchase. There are loans with low down payments, financing for fixer-uppers, and grants that provide (if you qualify) financing incentives. To get started, check out the list below!
First-time home buyer loans and programs
On a national level, here are six first-time home buyer loans and programs that are worth exploring:
- FHA loans are government-backed mortgages requiring only a 3.5% down payment.
- VA loans are exclusive to those with a military connection and require no down payment.
- USDA loans offer 100% financing (i.e., no down payment) for rural property purchases.
- Fannie Mae and Freddie Mac back conventional loans with just 3% down.
- Home renovation loans allow you to buy a home and remodel it with one loan. Ask your mortgage broker/lender about these programs.
Due to rising housing costs, states are enacting programs that allow homeownership options to both first time buyers as well as buyers at, or below, a certain income level. These new State programs are constantly evolving so be sure to research the programs in your state before speaking to your real estate agent or a mortgage broker/lender just to familiarize yourself with current offerings. To start, just Google “(state)-first-time-home-buyer-programs”.