First Time Home Buyer Loan Options

Monday, Jul. 6th 2020

Very happy couple receiving keys to house after signing papers

Are you looking to buy your first home? Homes have large, daunting price tags, but don’t let that stop you from getting the best first time home buyers loan and buying your first home. According to Continental Title Company, There are several different federal loans you can get that have been created specifically to help first time home buyers.

FHA Loan

FHA loans are one of the most common types of loans people go-to when buying a home around Missouri or Kansas. This loan program is backed by the Federal Housing Administration and the loans are distributed through third-party lenders. These loans have a low interest rate, and even better, they require a low down payment of at least 3.5%. If you don’t have a perfect credit score, this loan is perfect for you. With the FHA loan, you need a credit score of at least 500 to be eligible.

VA Loan

As a thank you for serving in the military, the Department of Veteran Affairs has created VA loans. This loan comes with several benefits. There’s zero payment or private mortgage insurance required, and you will likely have reduced closing costs. To be eligible for this loan, a credit score of at least 620 is required to show that you are a worthy borrower. You must also be a member of the military or a veteran, or a military spouse.


Are you looking to buy a home in a rural area of Missouri or Kansas? If so, the USDA First Time Home Buyer loan is for you. With the USDA loan, all you need is credit history and they will eliminate your down payment. To get this loan, you have to prove that you didn’t qualify for a conventional loan, so the home buyers that need the support can get it.

Good Neighbor Next Door Program

To honor first responders and teachers, the Good Neighbor Next Door Program is there to help. With this discount, you will be eligible for a 50% reduction on the list price of your home. The home must be located in a Housing and Urban Development revitalization area. You must agree to live in the home for at least three years, but once those three years are over, you can sell the home.

There are many different loans for first time home buyers. Find your starter home today!

Posted in Home Loans

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