Are you a first-time homebuyer looking to purchase a home in Missouri? Do you have questions about the best financing options for your first home? If so, Andrew Semple is here to help.
Andrew has assisted thousands of first-time homebuyers throughout the Springfield area, including Nixa, Ozark, Willard, Bolivar, Republic, and surrounding communities. He understands that buying your first home can feel overwhelming and is committed to providing the guidance and support you need throughout the mortgage process.
The terminology and loan program requirements can often times be frustrating and it can be very difficult to figure out which home loan option is right for you. We strive to guide you through the entire process so that you are able to choose the best loan program for your unique needs. Visit our blog as it has several great articles to help the first time home buyer. Conventional loans have higher financial requirements and don’t always provide you the best opportunity for the lowest rate. This loan program requires a higher credit score and a down payment of at least 5% or more.
If you haven’t had the opportunity to save up that 5%-20% down payment, you do still have the ability to own a home using a government created loan program. These special programs are designed to help first time home buyers by lowering credit requirements and often times requiring a lower down payment and interest rate. FHA loans are one of the most common loan programs amongst first time home buyers. These loans have more relaxed credit requirements and down payments as low as 3.5% that can be gifted from a family member or used in conjunction with a down payment assistance program like MHDC. These loans do, however, have a loan limit of $271,050.
Another popular option for current and former members of the U.S. military is a VA loan. Backed by the U.S. Department of Veterans Affairs, VA loans can offer qualified borrowers benefits such as no down payment and competitive interest rates.
Andrew Semple believes everyone deserves the opportunity to achieve homeownership and is committed to helping eligible veterans and service members find the loan program that best fits their needs and financial goals.
To inquire about your options use our easy online Mortgage Assistant or give us a call today!
