First Time Home Buyer

Congratulations, you’ve taken the first step towards purchasing your first home!

Buying your first home is an exciting milestone. AmeriSave shares in your excitement and genuinely looks forward to making this an experience you’ll remember fondly for years to come. Our knowledgeable Loan Originators will educate you on the types of loans available, guide you through the loan application process and make sure you understand the ins and outs of mortgages.

The 20% Down Payment – A Common Misconception
Many young people believe that you have to have a large down payment to purchase a home. We’re here to show you there are ways to help turn first time home buyers into home owners, with not as much out of pocket expense as you might think.

Fannie Mae 3% Down Payment Loan
Housing giant Fannie Mae offers a 3% down payment loan specifically to first time home buyers. If you’re buying a home with your partner or spouse, only one of you is required to be a first time home buyer.

FHA Loans
FHA loans are popular with first time home buyers because they have a low 3.5% minimum down payment requirement, flexible credit guidelines and the ability to lend in slow housing markets. FHA loans may range from 15 to 30 year terms.

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VA and USDA Loans
There are two other types of government loans that can offer some advantages to the first time home buyer, although being a first time home buyer is not a requirement.

First time home buyers who have served our country may be eligible for a home loan issued by the Department of Veteran’s Administration. VA loans offer flexible lending guidelines, no monthly private mortgage insurance, lower credit score requirements and generally do not require a down payment.

US Department of Agriculture’s Rural Housing Program offers home loans that do not require a down payment, have flexible guidelines and low monthly private mortgage insurance. You must meet income limits and be purchasing an eligible property to qualify. To check a property’s eligibility, visit the USDA website.

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In a sea of online lenders AmeriSave stands out.

Years Experience

States Licensed

$47+

Billion Funded

200,000

Homes Financed