It is said that a part of the American Dream is to become a homeowner, but for many people it is a challenge to figure out where to begin the process. The process to homeownership is a stressful one. It is a large purchase requiring years of commitment, and many different factors to consider: the type of home, the best loan program to choose, how much of a down payment you can afford and how long of a term you can commit to.

Today, there are many different loan programs that cater to the needs of the First-Time Buyer and if you are someone in this demographic, Bankrate.com has provided a list of 10 different First-Time Home Buyer loan Programs to help make your road to homeownership a little bit easier:

  • FHA Loan
  • USDA Loan
  • VA Loan
  • Good Neighbor Next Door
  • Fannie Mae of Freddie Mac
  • Fannie Maeโ€™s HomePath Ready Buyer Program
  • Energy-Efficient Mortgage (EEM)
  • FHA 203(k)
  • State and local first-time homebuyer programs and grants
  • Native American Direct Loan

These are a few programs backed by the US Government or the major financial institutions Fannie Mae and Freddie Mac. They provide options for those with certain occupations, lower income borrowers, those with troubled credit, or those in need of a lower down payment.

Every individualโ€™s financial situation is unique, but no matter what we can help. Call Omega today to find out what First-Time Homeowner programs we can offer you to aid you along your journey to homeownership!

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