Buying your first home can be both thrilling and a bit intimidating. It is the largest purchase you may ever make. But with the right help and preparation, you may be able to turn your homeownership dreams into reality.
Thinking about buying a home in The Natural State but don’t know where to begin? Read on to learn more about the benefits of buying a home in Arkansas, the programs and loans you can use to purchase your first home, and about how New American Funding can help you fund your dream.
How much a first-time homebuyer has to put down on a home depends on the loan type and their unique financial profile. For example, VA loans offer zero down payment, while the down payment on a Conventional loan can be anywhere between 3%-20%.
The minimum down payment a borrower may put down on a home in Arizona depends on the loan. The down payment can be as low as 0% (USDA and VA loans), 3% (Conventional loans), or 3.5% (FHA loans).
The minimum down payment a borrower may put down on a home in Louisiana depends on the loan. The down payment can be as low as 0% (USDA and VA loans), 3% (Conventional loans), or 3.5% (FHA loans).
Several loans may be available to first-time homebuyers that offer low or no down payments. These include FHA, VA, and USDA loans. Each loan comes with its own set of unique applicable qualifications in addition to the requirements of the lender offering them.
There are many down payment and closing costs assistance programs available to first-time homebuyers. They can include government programs at both the state and local levels, programs offered by non-profit organizations, as well as lender-offered programs.
New American Funding offers an assistance program for first-time homebuyers called The Pathway to Homeownership. Specifically available to first-time homebuyers, eligible borrowers may receive up to $8,000* in financial assistance.
The credit score needed by a first-time homebuyer in Alaska will depend on the loan type you are applying for as well as your financial situation. For instance, FHA loans may allow a credit score as low as 500 with a high enough down payment. For Conventional loans, a minimum credit score of 620 is generally required.
If you're a first-time homebuyer trying to purchase your dream home in Connecticut, there are many loans and programs available to make owning a home in the state a reality.