Different Types of Home Loans for First-Time Buyers

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Types Of Home Loans For First-Time Buyers Which
One Is Best For You?

• Drew Mortgage Associates, Inc.

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5 Types of Mortgage Loans

• There are plenty of home loan options available
  for first-time buyers. It is crucial to choose
  the correct one for you. It will be well worth
  your time and energy to do some homework,
  starting with more information about the
  different types of home loans available to you.
• Following is a brief description of the 5 main
  types of mortgage loans available
• Conventional or Fixed Rate Loans
• Adjustable-Rate Mortgages (ARM)
• Federal Housing Administration (FHA) loan
• USDA Rural Home Loan
• VA Home Loan

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5 Types of Mortgage Loans

• 1

• Conventional or Fixed Rate Loans

• 2

• Adjustable-Rate Mortgages (ARM)

• 3

• FHA Loan

• These are standard loan programs that follow set
  guidelines, with fixed term lengths and rates of
  interest and no special features such as low down
  payment options.

• An adjustable-rate mortgage is a home loan with
  an interest rate that varies according to
  specific benchmarks, which are predetermined at
  the outset of the mortgage.

• FHA home loans are well suited for low income
  first time home buyers and those with college
  loans, car payments, and credit card balances.

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5 Types of Mortgage Loans

• 4

• USDA Rural Home Loan

• 5

• VA Home Loan

• The USDA Home Loan program, also known as the
  Rural Development Guaranteed Housing Loan
  Program, is a mortgage loan offered to potential
  rural property owners by the United States
  Department of Agriculture, USDA.

• A VA loan or the Veterans Affairs Home Loan is
  approved by Department of Veterans Affairs, aimed
  for those who are serving in the US military, who
  have been serving or served as military.

5

• Drew Mortgage Associates, a leading mortgage
  company in Boston, and approved by the FHA, VA,
  USDA as well as HUD can guide you through the
  entire mortgage loan application process.
• Drew Mortgage Associates, Inc.
• 196 Boston Turnpike Road Shrewsbury, MA 01545
  Phone [phone] Toll Free 877-949-3739
• www.drewmortgage.com