Avoid those first-time homebuyer jitters.

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Most mortgage professionals will tell you that the first step in the home buying process is education. You've come to the right place. Here we've brought together some resources that may answer your questions and help prepare you for the homebuying journey before you start shopping for a home.

When you feel ready to take action, your best resource is a HomeStreet Loan Officer. Personally, we’d recommend all of them.

Let's talk about loan programs

Some homebuyers, particularly those making their first home purchase, lack a large down payment. Fret not. While traditionally a down payment of 20% or more was required for conventional financing, today’s market offers several alternatives with lower entry costs.

Below is a quick overview of some of our loan programs for borrowers who need to put a minimum amount down on their new home. FHA and VA loans are becoming increasingly popular due to recent changes in loan limits and underwriting criteria. Be sure to ask your loan officer for details. That’s what they’re here for.

Popular loan options for first-time homebuyers:

Federal Housing Administration or FHA loans are low down payment loans with flexible qualifying guidelines. This makes these programs a good choice for first-time buyers. In many cases, they allow for a 3.5% down payment, which can come from a variety of sources, including gifted funds. They have competitive interest rates and fees, with easier qualification standards than many Conventional loans.
Veteran Affairs or VA Loans, are loans for qualified military veterans, active duty, select reservists, National Guard, and surviving spouses. VA loans provide home financing with no down payment requirement and no Mortgage Insurance requirement.
Conventional first mortgage loans of greater than 80% of the property value (20% down payment) require Private Mortgage Insurance (PMI). Mortgage Insurance can now be obtained on loan amounts up to 97% of the home’s sale price or appraised value. Learn more about conventional loans here.
All loans subject to approval.

From the Blog

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