Are you planning to buy a property for the first time in Houston? Well, it is never too late to realize your dreams. And no matter how hard the path is, you should never give up. And here, we are talking about owning a new property which has become even easier now. How? Simply opt for the first time home buyer programs in Houston. Due to the recent global fiscal crisis, the lending market has become a little lenient about processing loans. The market has undergone a lot of changes, giving an advantage to the home buyers. So, why are the first-time home buyer programs best for you? Here are some ways in which these can benefit you. Take a look. Lower Rates of Interest Try and compare the rates of interest for the first time home buyer loans for the last twenty years. You will notice the vast difference. Now you will be paying a much lesser amount of interest as opposed to previous years. Home mortgage seekers would have to just pay an interest rate of 6.03% a decade back but if you take a look at last year’s rates, you will realize that home loans have become extremely affordable. The average rate of interest in the present times is just 4.10% and according to the industry experts, the interest rates are to go down even further this year. This merely reflects the good condition of the economy presently. Low Down Payments The most significant problem that first-time home buyers have to face is down payment. However, in the last few years, lenders have offered quite reasonable down payment amounts, thereby making it easier for people to get the loan. Most of the first time home buyer programs will not require you to pay a huge amount of down payment if you have the right credit score. If you have more than 580 as your credit score, you just have to pay 3.5% down payment while if you opt for the conventional loans with more than 620 as credit score, then you will just require 3% down payment. VA Jumbo loans in Texas, however, offer you 100% financing option for the qualified loan seekers. High Debt to Income Ratio What has been a major setback for people looking to buy home loans is the lower debt to income ratio, especially for the ones who fall under the lower income group category. They have been left with only one option, i.e. FHA loans which could accommodate a relatively higher amount of debt to the income ratio. But in 2018, you can avail the conventional loans despite having a high debt to income ratio. So, those of you who are seeking home loans with the burden of auto loans or student loans on their shoulders can also easily process their loan requirements. So, now that you are aware of these fruitful advantages you can get by opting for the first time home buyer loans, then you should immediately get in touch with an experienced loan lending service and resort to the professionals who will help you make the right choice. Author Bio: Joan Gallardo has 18+ years’ experience as a Senior Loan Officer and has been successfully helping his clients find the right first time home buyer programs in Houston. Follow his articles to know more about first time home buyer loans or VA Jumbo loans in Texas.
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