Special Loans for First-Time Buyers

If the process behind buying a home has discouraged you from attempting to do so, you’re not alone. Legal and financial barriers can make it difficult to take the leap as a first-time homebuyer, even if you’re really excited to own your first home. You should know that there are some unique home financing options for first-time buyers to help you get across the finish line. In today’s blog, we cover some of the different types of first-time homebuyer loans, their pros and cons, and how you can utilize these options to purchase your very first home.

Check Out USDA Loans for Rural Property

The United States Department of Agriculture offers loans to homebuyers who are purchasing in a rural location. A rural location doesn’t necessarily mean a farm, either. If you’re looking for a rural property, it might be worth checking out this type of loan program, since the USDA can offer homes that are 100% financed — removing the down payment barrier to homeownership.

NIFA Home Loans

You can also find help with your first home loan by working with the state. The Nebraska Investment Finance Authority has assisted over 90,000 Nebraskans with purchasing homes. Low mortgage insurance premiums, low down payments, and low interest rates remove many of the financial barriers from the homebuying process. This is a great option for help with a conventional mortgage.

Home Renovation Loan Programs Account for Increased Value

Shows on cable romanticize the idea of buying a fixer upper and renovating the space, but it’s actually a lot of hard work. If you’re willing to put in that hard work and time, there are home renovation loan programs available to homebuyers. These programs will evaluate the increased value that will come from renovating the home, and allow you to secure money for those renovations as part of your mortgage. These programs also include options for energy efficient upgrades to homes.

Reduced Down Payments Through Fannie Mae and Freddie Mac

Fannie Mae and Freddie Mac are two home financing institutions that will work with local mortgage lenders to secure unique options on conventional mortgages for first-time buyers. While the mechanics of your mortgage still work like a conventional mortgage, you may be able to find down payment options as low as 3%.

Talk to The Swanson Group About How to Finance Your First Home

Our team has decades of experience helping families buy and sell homes in the Omaha area. Through the years, we’ve made connections with trusted home financing professionals, and we’d be happy to help you find a home loan agent. Everyone deserves to be able to afford a home. To start the mortgage pre-approval process, contact The Swanson Group in Omaha, NE by calling our office at 402-679-6566.

Buying or Selling a Home in Omaha? Call Bill Swanson Today!

As a long-time resident of Omaha, I know the area and the surrounding communities intimately, and can give you access to information that you could never find online. If you want to know more about the community, are looking to buy a home in a new one, or need the help of an agent to sell your home quickly, conveniently, and successfully, then email [email protected], or call (402) 679-6566.