I have noticed that many first time home buyers come to me confused by the various First Time Home Buyers in East Setauket New York, that are available to them for financing their first home. This is just the tip of the ice berg as there is so much industry-specific terminology to learn and understand that the home buying process can be very intimidating to most new comers.
I will try to explain in this article the most common First Time Home Buyers in East Setauket New York so that you might better understand the options and requirements more clearly. As always I am available as a reference if you have more specific questions about how these specific programs might get you your new home.
Conventional Loans are typically processed through Fannie Mae and Freddie Mac. Typically they require a 5% down payment, and great credit, some options have no PMI requirements. This type of loan has slightly tougher underwriting standards but is an option many first time home buyers might look into.
FHA loans have a low down payment, typically 3.5%, which is welcomed by many first time home buyers in Suffolk County. These loans also have greater flexibility in the underwriting of your loan for final approval.
Your credit does not have to be perfect and you can still qualify for this loan even with a bankruptcy which has been discharged for 2 years. These programs also allow for family members to help with down payment and to act as a co-signer to qualify. The FHA also allows the seller help pay up to 6% of your closings costs with seller concessions.
VA loans are available to those who have served or are service in the military. This program is by far the best financing should you qualify. Rates are low and there is no monthly mortgage insurance. There is also a no down payment program.
To qualify for this loan you must have been honorably discharged, or be on active duty in good standing. I can help you verify you eligibility if needed.
USDA loans are a great option for those that live on the eastern end of Suffolk County in the more rural areas. This program does not have a down payment requirement, and has a very flexible underwriting process. The USDA is meant for residential homes in rural areas, not farms. All you need is an address and i can see if your home qualifies for the program.
Suffolk County has a down payment assistance program if you need assistance with down payment or closing cost. This is a great program to look into. You must apply for this program and it is a first come first serve basis you can click here for more information.
Whichever way you go, you should always talk with more than one mortgage professional as not all lenders offer these programs. Make sure that you are getting the best advice for your specific situation and not just what the lender has to offer. Being a First Time Home Buyers in East Setauket New York can be confusing and intimidating, but a good mortgage professional will help you navigate through the process.
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