With more and more new housing being built across the country, it’s becoming easier to purchase a new home. Whether you’re a first-time buyer, or just looking for a new place to live.

There are unique mortgages available to you, as well as programs for lending and grants to get your purchase complete.

Lower Down Payment Demands

With some realtors, you can negotiate fees for down payments. Usually, the demand is 20%, but with some places you’ll be able to offer as little as 5%.

A solid credit score can help in this regard. There are even ways to purchase homes without a down payment.

FHA loans are mortgages that are insured by the Federal Housing Administration. They protect mortgage lenders, allowing them to offer loans with easier credit checks and lower down payments than you’d find traditionally.

These types of loans are popular with first time buyers, due to their flexibility. However, these loans are also available to those on lower-incomes.

In fact, even if you’re eligible for a 0% down payment mortgage, you should consider if it is right for you.

Sometimes, these mortgages can lead to higher interest rates and longer contracts.

Mortgage Lenders Are On Your Side

Due to the increased competitiveness of the real estate market, that has also seen more loan companies compete to get the best rates.

This has led to a more customer-based approach to get the most effective customer service available. The Home Loan Expert are one such innovative company that truly believe in face-to-face customer service.

They are constantly training and studying any new mortgage loan programs that are around. This means they have a variety of different loan options when it comes to buying a new home.

Mortgage lenders understand the constraints and financial impact of the coronavirus. When it comes to credit checks, there’s a lot more flexibility and understanding.

First Time Home Buyer Programs

In the United States, there are multiple programs available that are put in place for buying your first home. There are even ones that can offer grants that don’t need to be paid back. Mostly, they will be based on the property type and how long you plan to live there.

It’s worth looking into what the government can assist you with, as they have a few personalized options.

If you’ve never bought a principal residence before, then you’re eligible.

The U.S. Department of Housing and Urban Development go further with their definition. According to them, a first-time homebuyer is also an individual who has never owned a principal residence, even if their spouse has. As well as someone who hasn’t owned a principal residence for a three-year period.

A first-time house buyer maybe able to withdraw from their individual retirement account without incurring the early penalty.

This usually applies to withdrawals before you are 59.5 years old. The maximum amount you are able to withdraw, if applicable to your situation penalty-free, is $10,000.