There are three main lending options available to first-time buyers in our market, and we’d like to shed some light on each of them today:
1. Conventional loans (3% down). The 3% rate is available only to first-time buyers, making this a wonderful option for anyone looking to secure their first home.
2. The 3-2-1 Home Program. This program, which is offered exclusively by Guild Mortgage, provides first-time buyers with a $1,500 credit toward their down payment or closing costs, as well as a $2,000 gift card at closing.
3. Local down payment assistance programs. These area-specific programs offer buyers free money toward their down payment.
Many buyers falsely believe that you need 20% down to purchase a home, but this is simply not true. By partnering with a local lender, you can take advantage of one of the great options we’ve outlined today in order to get into a home for less.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.