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First Time Home Buyer

Being a first time home buyer is very exciting ! Anchor Mortgage LLC loan specialists are here to guide you through every step of the loan process as a first time home buyer

Before finding your new home, we can help you get pre-qualified for free. We can also match you with a trusted real estate agent through our partner networks. Our variety of loan options allow you to buy your first home with little money down and we will work to ensure the loan payments meet your unique needs.

First time home buyers have a lot of questions and our loan specialists are always available to provide personal attention. They can explain the application process, provide tips to use during your home search, and make sure that you find the perfect home for your needs and budget.

Popular Loan Programs for First Time Home Buyers:

30-Year Fixed Rate Conventional Mortgage

The most secure loan program. Lock in a low mortgage rate and payment and sleep tight knowing that your rate will not change. Programs include

  • HomeReady Mortgage – Fannie Mae’s HomeReady mortgage program is tailored for first time home buyers with credit scores of at least 620. It requires just a 3 percent down payment that can be completely gifted to the borrower. The income requirements of the HomeReady loan are also fairly flexible.
  • Home Possible Mortgage – Freedie Mac offers the Home Possible mortgage option to buyers with at least a 660 credit score. The Home Possible mortgage allows borrowers to use a non-occupant co-borrower and incorporate “non-traditional” income sources on the loan application

Low to No Down Payment Government Loans

  • FHA Loan – Perfect for the buyer that wants to put less money down. Purchase your house with as little as 3.5% down! If you put down less than 20% you will have to pay FHA mortgage insurance which includes a 1.75 percent upfront fee and annual premiums. FHA 203(k) loans, allow the borrower to buy and fix up a home using the FHA loan funds.
  • VA Loan – An amazing deal for veterans and military members. Those who qualify for this loan can purchase with no down payment and no PMI. VA loans are backed by the U.S. Department of Veterans Affairs (VA). VA loans come with lower interest rates compared to other types of loans and do not require a down payment. Borrowers will need to pay a funding fee, but it can be rolled into your monthly loan costs. Some service members might be exempt from paying the VA funding fee as well.
  • USDA Loan The U.S. Department of Agriculture (USDA) guarantees loans for some rural homes for up to 100-percent financing (in other words, there’s no down payment requirement). This doesn’t mean you have to buy a farm or shack up with livestock, but you do have to buy a home in a USDA-eligible area. There are also fees for this type of loan.

Use the Mortgage Calculator to determine what your monthly payment will be as a first time home buyer

Amortization Calculator

If you are a first time home buyer looking to buy in the Charleston/ Summerville, South Carolina area, give Anchor Mortgage a Call today. Or you can email us here anytime!

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