A Guide to First-Time Home Buyer Programs, Loans & Grants

Posted by Adam Dave on August 16th, 2022

Finding the home of your dreams may not be as difficult as financing it. Buying your first house can be an exhilarating experience only if you have a strong financial cushion. Thanks to the US Government, several loan programs and payment assistance services are now available to help first-time home buyers seal the deal.

First-time home buyer loan programs aren’t just designed to help you finance your first residential real estate purchase. They also offer the necessary resources and guides to assist you in navigating the entire process, from house hunting to signing the contract. And the best part is that several veteran-special home loan plans offer slashed interest rates and less than a 20% down payment requirement.

However, regardless of the first-time home buyer loan program you choose, you still need a professional Realtor to help you understand all the nitty-gritty. That’s where Z Finance Solutions comes in. As the leading new home buyer loan program assistance services provider, the firm strives to help Texans buy their dream homes without facing financial problems.

Now let’s learn about the most lucrative first-time home buyer loan programs in the US.

USDA Loan

The United States Department of Agriculture offers a robust home buyers loan scheme focused on helping home buyers in rural areas. This loan scheme doesn’t involve any down payment requirement. However, borrowers need to be sure they are buying a residential unit in one of the USDA-approved areas.

FHA Home Loans

The second most effective home buyer loan is offered by the Federal Housing Administration. Borrowers need to have at least a 580 credit score to qualify for the FHA housing loan and enjoy as low as a 3.5% down payment. However, if your score is 500 or below, you may be eligible for a lower down payment of 10%.

FHA also offers house insurance programs to help home buyers secure their properties and comply with state directives. The authority insures the 203(k) loans and can also help home buyers avail flexible payment and mortgage terms.

Talk to Matt at Z Finance Solutions to learn all about these home buyer loan programs today! Matt is a professional loan officer specializing in home, first-time home buyer, and commercial loans. He can help you determine your eligibility for state-offered home buyer loan programs and more.

VA Home Buyers Loan

The US Government honors its serving and veteran citizens. It’s always coming up with new and better assistive, rehabilitative, and financial support plans to help active duty, veteran and their eligible family members. The Department of Veteran Affairs offers a deep-seated, well-balanced, and lucrative home buyer loan program that doesn’t require a down payment.

This loan program offers lower-than-market interest rates, flexible payment terms, and other benefits. Borrowers, however, have to pay funding charges that are later recovered in the loan amount.

The HUD Homeowner Voucher

This particular home buyer loan is directed toward citizens from the lower income class. The program focuses on helping them buy their first home only if they’re on the HUD’s first-time home buyer list. Moreover, borrowers must meet the minimum income requirement, complete homeownership, and have full-time work sources.

Note that HUD Homeowner vouchers are only for first-time buyers, and you won’t be eligible for another if you’ve sold your property and looking for a new one.

HomePath Ready Buyer

Fannie Mae offers a unique and helpful home buyer loan program to help first-time home buyers who want to purchase a foreclosed property. Homebuyers have to enroll and complete the home buying education module, after which they can receive complete closing cost assistance.

The HomePath Ready Buyer loan program offers a 3% closing cost on all foreclosed properties owned by Fannie Mae.

National Home Buyer Fund

Apart from government-led home buyer loan programs, several NPOs have come up with assistive programs for the public good. And the National Home Buyer Fund is one great example. The loan/grant allows first-time home buyers and repeat buyers to gain as much as 5% of the total financing to buy a property.

This program can be coupled with an FHA, USDA, or VA home loan for better terms and outcomes.

Seek Down Payment Assistance and Evaluation Services to Qualify for Home Loans

The home buyer loan programs and grants mentioned above are attractive, but are you eligible to qualify for one? Only a professional home loan assistive firm can tell you. Z Finance Solutions offers a complete range of real estate services to first-time home buyers in Texas. Their evaluation services determine whether or not a potential borrower’s score and credit history can qualify them for a loan.

Moreover, the firm also specializes in down payment assistance, financial property advisory, and home buying assistance services. They can help you access a down payment below the market on favorable terms.

Z Finance Solutions—You One-Stop Real Estate and Home Buying Finance Partner in Houston and Dallas

Z Finance Solutions take pride in being the top choice for first-time home buyers and property investors in Texas. Whether you need a commercial, construction, or a home loan in Texas, Z Finance Solutions can help.

Their loan officer Matt is a professional mortgage expert who can handle your mortgage needs whether you’re a first-time home buyer or an investor. On the other hand, Jennifer is experienced in navigating house hunts according to budget and loan requirements.

 Contact them for more information today!