What's the best loan for a first time homebuyer?

FHA only requires a down payment of 3.5%, but you can also get a Conventional loan with 5% down. Depending on your situation, you may also be able to do a Conventional loan with 3% down, but I would need more details to determine that. If you can come up with 5% down, that would be a better option as FHA loans have become rather pricey because of the recent hike in Mortgage Insurance Premiums. With Conventional, you would still have mortgage insurance, but overall, less than FHA. Good credit is essential to go with Conventional.

VA and USDA require no down payment. FHA requires 3.5% down, but all of that can be a gift from a family member. Unless you are a veteran with eligibility, or the home is in a USDA eligible area, FHA is probably your best bet. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

if you have VA benefits available to you, ZERO down. USDA allows for ZERO down, if the home you purchase is within the USDA defined area, HomePath is available on specific HomePath homes, and can be purchased with just 3% down, FHA allows for 3.5% down payment, and conventional will allow for 5% down payment.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

If you are a veteran, you can go with a VA loan that does not require a down payment. You may also be eligible for a USDA loan, also does not require a down payment. Eligibilty for USDA can be found on the USDA website. Other than those 2 options, the most common first time home buyer loan would be an FHA loan. The FHA loan requires a minimum of 3.5% down Payment and has looser qualification requirements than a conventional loan. Best of Luck!!!

I can do 3% down conventional loan with no upfront mortgage insurance. Youe other options would be VA if you are a qualified VET or in a USDA zone. FHA you can get in with 3.5% down. Give me a call I can help you.Thanks,Brian