Home Loans for Young People – Singles, Couples and Professionals.
Home Loans for Young People
Mortgage programs for young adjusts, including singles and couples.
Young people looking to buy their first home may feel intimidated by what can seem like a daunting task. While buying a home certainly requires a little bit of work, the process of obtaining a home loan is actually very simple. In fact, we can help many young people get pre-approved for their home loan in as little as 10-15 minutes. You may be pleasantly surprised by how simple the process of buying a home actually is, especially when using the right mortgage lender.
First time home buyers of all ages need someone with adequate expertise to walk them through the loan qualification and home buying process. At USA Home Financing we specialize in assisting first time home buyers, including young adults (young couples, young singles, and young professionals). You may actually be surprised to see that with the right help guiding you, buying your first home can be a very simple and enjoyable experience.
How We Can Assist Young Home Buyers:
- Lowest down payment options you can find from any lender.
- Relatively easy qualification guidelines with fast approvals and processing.
- Competitive, low rates that result in lower payments.
- Wide range of unique loan programs to meet your needs.
How to Get a Loan to Buy a Home:
Some good news is that we have home buying programs that are easy for young people to qualify for. What we recommend is that you take a few minutes and get a no obligation consultation. This will cover all of the details of what you can qualify for, how much you can borrow, how much your down payment will need to be, and everything else you could possibly want to know.
What Types of Home Loan Programs Are Available:
We have all types of major loan programs, including conventional, FHA, VA, and USDA loans. The most popular and common choice for young people, including both singles and couples, is an FHA loan. Some of the aspects of an FHA loan that makes it such an attractive option for young home buyers is that the low down payment options. The money used for the down payment can also be borrowed or even down payment assistance organizations. Many other loan programs have restrictions on the source that the funds come from, but FHA has lax requirements in this regard.
Advice and Tips for Young Home Buyers
- Improve your credit score as much as possible. As a mortgage lender, we can not provide you with legal advice for how to improve your credit scores. Just make smart decisions and don’t do anything that may preclude you from buying a home such as running up too much debt.
- Accumulating too much debt may be detrimental to your credit score, but that is not the only way it could adversely affect your potential to purchase a home. It can also affect your debt-to-income ratios (DTI ratios), which is an important factor in qualifying for a mortgage. Therefore, limiting and eliminating debt is a great move that could potentially enhance your prospects of buying a home now or in the future.
- Save as much as you can for a down payment (or see how much you can borrower if you choose to pursue an FHA loan). The more money you have to put down, the more likely it is that you will qualify for a home loan. Your loan-to-value ratio plays an enormous role in the decision of whether or not you will qualify for a mortgage. However, if you choose to apply for an FHA loan, you should only need 3.5% down.
- Be realistic about how much home you can truly afford. Just because you may qualify for a certain amount doesn’t mean you should necessarily borrow that much. It is wise to learn from the mistakes of others, and millions of Americans have lost their homes as the direct result of “buying too much home”. There are always unexpected expenses for homeowners including repairs and maintenance. This is in addition to your mortgage payment, taxes and insurance, and of course utilities and other bills related to a home.
Are you a first time home buyer and want more detailed advice? Click here to learn more about steps you can take.
We recommend that you speak with one of our loan specialists who can provide you with a lot of valuable information and assist you through the pre-qualification process.