Welcome Omaha First-Time Homebuyers!
First-Time Home Buyer Loans in Omaha, Nebraska, Find the Right Program and Get Into Your Home
Buying your first home in Omaha is one of the biggest financial decisions you'll make and the right mortgage program can mean the difference between stretching thin and buying with confidence. At Shotbolt Mortgage Corporation, Jack Shotbolt has helped hundreds of Omaha first-time buyers find loan programs specifically designed for people who are buying for the first time: low down payment options starting at 3% for conventional loans, 3.5% for FHA loans, and $0 down for qualifying veterans through VA loans. Programs like Fannie Mae HomeReady® and Freddie Mac Home Possible® are built to stretch your buying power further with flexible down payment sources, reduced mortgage insurance, and credit flexibility that standard loans don't offer.
As an independent Omaha mortgage broker with 25+ years of experience and access to dozens of wholesale lenders, Jack doesn't steer you toward one product he identifies the program that fits your income, your credit profile, and your goals, then gets you pre-approved in as little as 2 hours so you can make competitive offers in Omaha's market. With 250+ five-star reviews and a 98% client recommendation rate, Shotbolt Mortgage is the first-time buyer's trusted guide from first question to closing day.
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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