Fallout from the subprime loan mess several years ago made it more difficult to obtain a home mortgage. If you are a first-time home buyer, however, the dream of a new home may be closer to reality than you imagine. Even the definition of “first-time” is not as exacting as you may think. HUD says anyone who has not owned a home in three years qualifies as a first-time buyer. The same goes for a single parent who previously owned a home with a spouse.
With the help of Midland Mortgage, knowing what you may qualify for and how to take advantage does not have to be overwhelming. For example, the state of South Carolina has a first-time home buyer loan program to help low-to-moderate income families obtain a mortgage at a competitive rate. Midland Mortgage is a partner in that program, and we will help you determine if you qualify.
One of the challenges some first-time buyers face is their credit rating. Yet the Federal Housing Administration gives some leeway on credit scores, plus they offer loans with down payments that can be much less than conventional closing costs. If you qualify, Midland Mortgage will guide you through the process.
The federal government will occasionally offer tax credits to give more Americans the chance to become home owners. Midland Mortgage keeps abreast of tax credit opportunities, making sure you take full advantage of any that apply to first-time buyers. Other government opportunities include VA and USDA loans for first-time buyers. Navigating loan options does not have to be intimidating when you leverage expert advice. Contact Midland Mortgage today for a low-key consultation to explore what is available to you.