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Okay, let’s get started. There are a lot of loan options for first-time buyers and a lot of terms. Your loan officer can take you through all of them, but listed below are some options to consider.
Down payment assistance programs offer grants to those who are having trouble coming up with a down payment for a first home. For those who qualify, these programs are a great resource to get over the down payment hurdle.
The Federal Housing Administration program, controlled by the Department of Housing and Urban Development (HUD), removes lender risk allowing buyers who might not otherwise qualify for a home loan to obtain one.
Designed to provide assistance in purchasing a home for United States veterans. In most cases, no down payment is required and the parameters for obtaining the loan are less stringent.
A mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.
The rate and monthly payment stays the same for the life of the mortgage, which can be 30, 25, 20, 15, or even 10 years.
The rate and monthly payment stays the same for a fixed amount of time (10, seven, five, three, or one year), then adjusts periodically based on changes in a pre-selected index.
For loans that don’t fit the standard guidelines, there are a large selection of loan options served locally.
Having trouble coming up with a down payment? Wintrust Mortgage offers a wide choice of mortgage programs for a broad range of working families, by offering grants that support down payment and closing costs. You may even be able to use a combination of programs to help get the home you want.
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