First Time Home Buyer Loan Solutions
Planning to purchase your first home? If the answer is yes, congratulations! However, you probably have questions about the real estate market, the process of purchasing a home, and how to apply for and receive a loan. ProVisor can help!
A few things to anticipate when purchasing your first home:
1. Work with ProVisor to develop your pre-approval.
2. Choose a realtor and look at houses.
3. Choose your desired house and eventually receive an accepted offer.
4. Call your ProVisor officer to begin the mortgage plan right away and develop a loan commitment letter.
5. Receive a home inspection and schedule an appraisal of the home.
6. Receive approval of the mortgage.
7. Sign the dotted line and move into your dream home!
There are multiple loan programs ProVisor can discuss with you:
- FHA Loans
FHA Loans are known to many as the best first time loan mortgage loans. FHA Loans tend to be easy to qualify for and involve incentives such as a low down payment of 3.5% and allow for fair credit (580+).
- Conventional Loans
These loans tend to be chosen by those with good or excellent credit and/or a large down payment. ProVisor can discuss the benefits of a conventional loan for your home!
- USDA Loans
USDA loans are available in rural and some select suburban areas. For USDA Loans, no down payment is needed, and they are available to borrowers with very low, low, and moderate income. For a USDA Loan, you must have a credit score of at last 620 and not have a lot of debt.
- WHEDA Loans
Wisconsin Housing and Economic Development Authority, known as WHEDA, has a mission to stimulate the state’s economy and improve the quality of life for Wisconsin residents by providing affordable housing and business financing products. WHEDA offers low and moderate-level income home-buyers within Wisconsin 30-year fixed loans with 0% down to begin. With WHEDA Loans, you can expect reduced-cost private mortgage insurance or no mortgage insurance!
- VA Loans
Active military, veterans, and spouses can apply for a VA loan. This means no down payment will be needed for the home, along with (often) lower rates than are offered to the public.