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LOAN PRODUCTS FOR:

PURCHASING REAL ESTATE

WITH 0%-3.5% DOWN

Buying a home can be challenging for a first-timer. After all, there are so many steps, tasks, and requirements, and you may be anxious about making an expensive mistake. But first-time homebuyers actually enjoy some special advantages created to encourage new entrants into the real estate market.

To demystify the process so you get the most out of your purchase, here is a rundown of what you need to consider before you buy and what you can expect from the buying process itself, plus tips to make life easier after you buy your first home.

KEY TAKEAWAYS:

First-time homebuyers, as defined by the U.S. Department of Housing and Urban Development (HUD), can get help from state programs, tax breaks, and federally backed loans.
Before you begin looking, consider the type of residence that will serve your needs, what you can afford, how much financing you can secure, and who will help you conduct your search.
Buying a home involves finding the property, securing financing, making an offer, getting a home inspection, and closing on the purchase.
Once you’ve moved in, it’s important to maintain your home and keep saving.

PROPERTY CONVEYANCE:

Purchasing is when a property is conveyed usually with a warranty deed to a new buyer-you and your new mortgage. The title company typically then pays off a current seller mortgage or previous seller financed loan and replacing it with the recording of your new loan. Rental tenants may decide to purchase the property they are renting. Cash for deed buyers may find better terms and lower monthly rates with a new mortgage and paying off their existing seller note of their existing loan; to convert to another type of mortgage (adjustable-rate vs. fixed-rate), or to consolidate debt. There are several factors to consider when purchasing or replacing seller financing with new financing. If you are looking to start the purchase process call us now or connect with one of our LoanGIANT Loan Consultants.

VA VETERAN AFFAIRS

0% Down / 580 Minimum

Down Payment Assistance

MIP paid the life of the loan

41% DTI Allowances

Paystub / Self Employed

One-Time VA Funding Fee of 2.3%-5% of loan amount

Learn More Below >>

DOWN PAYMENT ASSISTANCE

WORKS WITH VA PROGRAMS: Programs for First Time Homebuyers

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VA PURPOSE & HISTORY:

We at LoanGIANT Home Loans, believe that it’s important to provide a range of lending solutions that fit all types of buyers. That’s why we offer VA loans – because they can be a smart choice for buyers with limited funds and marginal-to-average credit. The Veterans Affairs (VA) under Homes for Disabled Volunteer Soldiers was created in 1930 to make it easier for veterans and spouses of veterans to purchase a residence or facility, even for buyers with limited capital and/or imperfect credit.

Why you may benefit from an VA home loan:

VA loans are partially insured by the government, which reduces a lender’s risk and makes qualifying for the loan simpler. That means you may be able to make that purchase investment much sooner than you hoped. Give us a call and we’ll walk you through everything you need to know to find out if this is the right solution for you.

No Private Mortgage Insurance is required because of entitlement:

Do VA loans require PMI? No, unlike other loans, you don't need to worry about private mortgage insurance (PMI). Due to the entitlement, which usually amounts to more than 20 percent of the home's value, you don't need to pay PMI on a VA loan.

VA Funding Fee Required:

The VA funding fee is a one-time fee paid to the Department of Veterans Affairs that supports the VA home loan program. Veterans who put down less than 5% on their home purchase will pay 2.3% of the total loan amount when buying a home for the first time and 3.6% on subsequent loans. VA borrowers can pay less on the funding fee by putting down more money on the home.