First Time Buyers

    First Time Home Buyer Loans

What is a First Time Buyer Loan?

Many people dream of owning a home but the home loan process can be confusing for many first time home buyers. Mortgage lenders offer first time buyers with many home loan options and assist the buyer in finding the best home loan for them. First time home buyer programs can offer lower interest rates, low down payments, or reduced taxes.

FHA and VA Loans for First Time Buyers

These are the most popular first time buyer loans.  First time homebuyers often experience the most difficulty accumulating a significant down payment.  We believe that everyone should have the opportunity to buy a home. For this reason the Federal government has developed two loan programs to assist homebuyers that have a little or no down payment. These programs are called the Federal Housing Administration (FHA) and the Veteran's Administration (VA). These programs are not solely intended for first time home buyers; your home loan advisor will be able to determine if you qualify and if so which program is acceptable for your needs. FHA and VA loans can be especially advantageous when combined with a down payment assistance program.  For more information about how FHA loans work click here.

Who is Eligible for a First Time Buyer Loan?

First time home buyer programs are designed to help borrowers who may not have enough money to pay the full cost of the down payment or the closing costs on a mortgage. These programs make obtaining a mortgage more cost effective. There are even programs specifically for residents of each state. First time home buyer programs are available to those who have not owned a home for the past three years.

Community Home Buyer Programs 

Community homebuyer programs reduce the down payment the borrower must pay to $0. The closing costs can be gift funds, a grant, or seller assistance up to 6% of sale price. This type of home loan requires the home buyer to take a class on home ownership in their state. Upon completion of the class, the homebuyer will receive a certificate that reduces the cash requirement and expands the qualification ratios. Community homebuyer programs have been making it possible for many people to have the opportunity to buy a home.  The best thing about this loan is that the borrower can get into a home with little or no money out of pocket.

What is Escrow?

Escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of an event. In simpler terms, escrow is where the transaction changes hands and prevents the seller from not receiving the money from the sale and prevents the buyer from not receiving the home that was purchased. Escrow is important to both buyers and sellers during the mortgage process.

Texas First Time Buyers Program 

At Easy Mortgage we offer a wide variety of first time buyer programs to Texas first time buyers. First time buyer programs in Texas can make securing a Texas home loan easier and more affordable. Contact us today to begin your first time buyer loan. 

To find out if you qualify for a First Time Buyers loan, contact us today at 281-673-1650 or toll free at 800-561-4916.

If you prefer to apply online please click the following link:  http://www.easymortgagetexas.com/apply.php