The process of buying a home can seem daunting. You probably have a TON of questions about how the process works and how you should prepare for it. To help make the process feel less overwhelming, we want to help answer some common questions you may have. In this multipart series, we’ll be covering a different part of the homebuying process. In part two, we discussed how much you should save for a down payment. Here in part three, we’ll be answering your questions about what loan programs are available to you.
What loan programs are available to me?
The loan programs you qualify for will depend on many things. While your finances are one of the main factors that help determine which loans you are eligible for, other factors such as your occupation may help to qualify you for specific loans.
For example, if you are a service member, veteran, or surviving spouse, you could be eligible for a VA loan. Or if you are a teacher, a firefighter, a law enforcement officer, or an EMT, you might be eligible for the Good Neighbor Next Door program which offers 50% off HUD properties (these are homes that were originally purchased with FHA loans and have been foreclosed).
First-time home buyers have access to many programs that may provide extra assistance when applying for a loan. These are offered from a variety of sources:
- Federal Programs
- State and Local Programs
- Charitable or Non-profit Programs
- Employer-Sponsored Programs.
The loan programs that are available to you will be dependent on your financial situation and the area you are buying a home in. Visit our mortgage resources page to learn more about how loan products differ.
How do I know which loan program is the best fit?
Choosing the right loan program will depend on a variety of factors like considering loan program features, the loan term and your overall financial goals. Each person’s situation is unique, and it is best to speak to someone with knowledge and experience to help you determine which loan program will be the best fit for your financial situation and goals.
Our Loan Officers can walk you through the loan programs that may be available to you and answer any questions you may have about these programs. Contact us today to get in touch with an experienced Loan Officer!
Buying a home isn’t something you do every day – there is lots of knowledge specific to the experience of buying a home that you might not know. We want you to feel calm and assured every step of the way when purchasing a home. Be sure to check out part four of this series to learn more about the process of buying a home!
Why Liberty Home Loans?
At Liberty Home Loans we are more than just mortgage providers – we are dedicated partners committed to empowering our customers with the freedom to achieve their dreams of homeownership. As a dynamic joint venture between Liberty Communities and FBC Mortgage, we create a seamless and transparent mortgage experience, ensuring that the process of building your home is efficient, stress-free, and tailored to you. Through our exceptional service, extensive industry knowledge, and a collaborative approach, we aim to make a positive and lasting impact on the communities we serve.
All information presented is for educational purposes only and not intended as financial advice.
Learn More About Mortgages
Many buyers find that applying for a mortgage can trigger an influx of marketing from other companies trying to win their business. Fortunately, there are ways to prevent this flood of offers from overwhelming you during an already stressful time.