Welcome Omaha First-Time Homebuyers!
Your Guide to Mortgage Financing Options in Omaha
Buying your first home is an exciting milestone, but understanding your mortgage financing options can be overwhelming. At Shotbolt Mortgage we’re here to help you navigate the various programs available to make your dream of homeownership a reality. Let's explore the different mortgage options and specialty programs designed for first-time homebuyers like you!
Conventional Loans
Conventional loans are mortgage loans that are not insured or guaranteed by the federal government. They are offered by private lenders such as banks, credit unions, and mortgage companies.
Key Features:
- Fixed or adjustable interest rates
- Typically require a higher credit score
- Down payment as low as 3%
Specialty Programs for First-Time Homebuyers
Fannie Mae HomeReady® Mortgage
The Fannie Mae HomeReady® mortgage is designed for creditworthy low- to moderate-income borrowers, with expanded eligibility for financing in designated low-income, minority, and disaster-impacted communities.
Key Features:
- Down payments as low as 3%
- Flexible sources of funding for the down payment, including gifts and grants
- Reduced mortgage insurance requirements
Freddie Mac Home Possible® Mortgage
Freddie Mac's Home Possible® mortgages offer flexible credit terms and low down payments to help you afford a home sooner.
Key Features:
- Down payments as low as 3%
- Credit flexibility for borrowers with no credit score
- Borrower education to help you understand the homebuying process
FHA Loans
FHA loans are mortgages insured by the Federal Housing Administration (FHA). They are popular among first-time homebuyers due to their more lenient credit requirements and lower down payments.
Key Features:
- Down payments as low as 3.5%
- Lower credit score requirements
- Flexible qualification guidelines
VA Loans
If you are a veteran or active-duty service member, you may qualify for a VA loan, which is backed by the U.S. Department of Veterans Affairs.
Key Features:
- No down payment required
- No private mortgage insurance (PMI) required
- Competitive interest rates
How to Get Started
1. Assess Your Finances
- Review your credit score and credit report.
- Determine how much you can afford for a down payment and monthly mortgage payments.
2. Explore Your Options
- Research the different loan programs available.
- Speak with several lenders to understand your options and get pre-approved.
3. Get Educated
- Consider taking a homebuyer education course.
- Understand the homebuying process, from making an offer to closing the deal.
Contact Us
Ready to take the next step? Contact Jack Shotbolt today to speak with an experienced mortgage professional with over 20 years of experience who can help you find the best financing option for your needs.
We hope this guide helps you feel confident as you embark on your journey to homeownership. Happy house hunting!
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