Best Government Loan Program for the First-time Home Buyers
Thinking of purchasing a house but delaying because of fund shortage? Worried about down payments and interest rates? Well, then you must not have heard about Government Loan Programs for First Time Home Buyers which are flexible and suitable for people with moderate income or low credit score. But make sure that you choose a reliable and experienced lender. Clear Lending is one such name in the world of loan sanctioning companies.
If you are planning to apply for this program, then you must be aware of a few facts related to it. Take a look.
- Lenders must be approved by FHA: You need to get the loan through an FHA-approved lender. But keep in mind that every lender would not provide you with the best interest rates. Clear Lending is a name you can rely on for this purpose.
- Credit score: You can apply for this loan even if you happen to have a low credit score. They will study your case and sanction the loan if you happen to fit a few criteria. If your credit score is above 580, you have to make a down payment of 3.5% to buy a house. And if your credit score is in between 530 and 580, you need to make a payment of 10%. With no credit history at all, you need to pay 3.5% of the amount. Government Loan Programs in Texas are designed in a way so that people with moderate income or with low credit score can also turn their dream of owning a house into reality.
- Sources of down payment: For the down payment, you can also use gift amount or grant from the government or any other body apart from using personal savings.
- Closing costs: This program allows lenders, builders and home sellers to pay some of the borrowers closing costs which may include origination charges, title expenses, etc.
Clear Lending is the best company to rely on for this program. You can even visit their website for more information on various types on loans.
