Buying your first home is a major decision, but along with that first home comes some major benefits. A home gives you the ability to find the space that suits your needs. It offers tax benefits, the option to refinance later, and it could eventually produce a long-term financial gain by increasing in value. If you want to enjoy the benefits of homeownership, you may wonder where do you begin the process? There are several first time home buyer programs that offer low rates so you can afford the house of your dreams.

First Time Home Buyer Loans
Here are some of the options that you can discuss with a certified loan specialist:

Fixed Rate Mortgages: The mortgage interest rate remains the same on these loans throughout the mortgage term. The 30-year fixed rate mortgage is often a popular option for first-time homebuyers.
Adjustable Rate Mortgages: An adjustable mortgage has an interest rate that is adjusted periodically based on a pre-selected index. The advantage of an ARM is that you may be able to afford a more expensive house because your initial interest rate and payments will be lower in the first few years.
FHA Loans: This is a low interest loan insured by the Federal Housing Administration that is open to all qualified homebuyers. While there are loan limits for FHA loans, they’re usually sufficient to cover most moderately priced homes anywhere in the country.
VA Loans: A long-term, low-to-no down payment loan guaranteed by the Department of Veterans Affairs. It’s restricted to individuals qualified by military service or other entitlements.