First-Time Home Buyer Loan Options Explained

Choosing the right mortgage loan is one of the most important decisions when buying a home. Understanding your options can help you secure the best deal for your financial situation.

FHA Loans: Who Qualifies & Benefits

FHA loans are ideal for first-time buyers with lower credit scores and minimal savings for a down payment. They require just 3.5% down and have flexible credit requirements.

VA Loans: Perks for Veterans & Military Families

VA loans offer 100% financing with no down payment required. They also have competitive interest rates and no private mortgage insurance (PMI), making them a great choice for eligible military members.

Conventional Loans: Pros & Cons

Conventional loans often require higher credit scores but offer lower interest rates and flexible term options. If you can put 20% down, you can avoid PMI.

USDA Loans: Great for Rural Home Buyers

If you’re buying in a rural or suburban area, you may qualify for a USDA loan with 0% down. These loans help buyers in eligible locations achieve homeownership with lower upfront costs.