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All You Need to Know About First Time Home Buyer Mortgage Loans

You might know the benefits of homeownership, but if you've never purchased a home, getting a mortgage for the first time can be intimidating.

Here’s the good news: Getting a first-time mortgage isn’t as hard as you think. The trick is knowing the mortgage options available to you and understanding your unique options as a first-time home buyer.

First-Time Home Buying Options

Mortgage-related expenses are one of the biggest hurdles of buying a first home. You need cash for closing costs and a down payment, and as a first-timer, you’re at a disadvantage because you’ve never owned a property. Some homebuyers can sell an existing property and use proceeds as a down payment on their next home. First-time home buyers, however, have to drum up this cash themselves.

GOBankingRates understands the struggle. Whether you're looking for a first-time home loan with zero or a minimum down payment, there are options. Use our site, and learn about mortgage options available to you, including an adjustable-rate and a fixed-rate mortgage. You can also find information on mortgage loans designed for people with less-than-perfect credit scores, such as an FHA home loan.

Our online bank comparison tool is free and created to help you quickly find a bank or credit union for your first-time mortgage needs.

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