Lending Programs for First-Time Homebuyers and Repeat Buyers

We get it. Purchasing a home is a major financial commitment. Fortunately, there are numerous lending programs available today to help both first-time buyers and repeat buyers secure financing. These programs offer competitive interest rates, low down payment options, and even assistance with closing costs. With the right loan program, buying a home – whether it’s your first or next, can be more affordable than you think. Don’t forget to take advantage of the local homebuyer assistance programs in your area. 

For First-Time Homebuyers

1. FHA Loan ( Federal Housing Administration) – 3.5% minimum Down Payment, best for buyers with limited savings

2. Conventional 97 Loan – 3% minimum DP 

3. USDA Loan ( US Department of Agriculture) – 0% minimum DP for buyers in eligible rural areas

4. VA Loan ( Veterans Affairs) – 0% minimum DP for active-duty military & veterans 

5. HomeReady & Home Possible Loan – 3% minimum DP, best for low-to-moderate income buyers 

For Repeat Buyers

1. Conventional Loan – 5-20% minimum Down Payment 

2. FHA Loan ( not just for first-time buyers)

3. VA Loan

4. Jumbo Loan – 10-20% minimum DP for high-income earners acquiring high-cost homes

5. Cash-Out Refinance & Home Equity Loan – for homeowners looking to fund a new purchase or renovations

6. Bridge Loan – for short-term financing for buyers to purchase a new home before selling current property 

For more information, please consult with your Trusted Lenders.

Disclaimer: Please note that I am not a Lender. I am a Licensed Realtor who partners with affiliated lenders to share the different types of loans available for homebuyers to consider.

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