First-Time Home Buyers

What You Need to Know about Loan Options

When you’re ready to purchase a property as a first-time home buyer, you may be a little nervous – especially if you’re not sure what to expect. However, take a step back and be proud of yourself first! Buying a home is a huge deal. And then, next up, do your research! There are a lot of options available to you as a first-time buyer, and if you can find the right option for you, you’re set.

Wondering what your options are? From FHA Loan and Conventional Loan to the Vendee Loan and the VA Loan (and more), we have you covered. There are a variety of options to consider as a first-time buyer, and we’re here to help you find the right one for you.

 | First Time Home Buyers | First Time Home Buyers

What to Consider as a First-Time Buyer

Being a first-time buyer can be overwhelming, but there are also tons of benefits. Many lenders have great programs geared towards first-time buyers (like down payment assistance programs), and there are several incentives that make purchasing your first property worth it. (Psst… find a ton more tips here.)

The key? To stay up to date on all of the loan options available to you, and to work with the right lender.

Don’t be afraid to shop around and to trust your gut, either — buying a property is a big deal, and making the right decision lender-wise is imperative to making that big deal a good one. When you can find the right lender, you can also find a home loan option that makes sense for you. From down payment requirements to closing costs and everything in between, it all matters.

At VRM Lending LLC, we offer several loan options, including the exclusive Vendee Loan — all of which can be a good option for qualified buyers. Wondering which to consider? Here are some of our top options:

VendeeTM Loan:

This is a loan program allowing qualified buyers to purchase properties owned by the VA. This can come with a competitive interest rate, allowing borrowers to save money in the long run. Plus, those who are eligible can often also purchase their home with little to no money down.

FHA Loan:

The FHA Loan allows qualified buyers with less-than-great credit to purchase a home. The flexibility with the FHA Loan can be helpful to first-time buyers, though there are certain requirements that must be met before the mortgage can be taken out.

Conventional Loan:

 The Conventional Loan is a home loan with a competitive interest rate — plus, there is often no need for private mortgage insurance. However, these loans aren’t massive number wise. They can only be taken out up to $726,200, while high-cost areas are up to $1,089,300. More information can be found here.

VA Loan:

If you’re a first-time home buyer who’s a veteran, service member, or spouse, the VA Loan can be a great, no-down-payment-required loan option. The VA Loan also often comes with more favorable terms and a lower interest rate.

At VRM Lending LLC, our goal is always the same: to help you find the right home loan for your own unique needs. Whether your best bet is a VA Loan, a FHA Loan, or something in between, we have the team to help you.