Mortgage Brokers Serving Pennsylvania and Florida.
Kurt & Michelle Ziegler owners of Three Rivers Lending 412-203-3379

Mortgage Brokers Serving Pennsylvania and Florida.
Kurt & Michelle Ziegler owners of Three Rivers Lending 412-203-3379

How can you purchase your dream home without breaking the bank? One way to make this happen is by taking advantage of the first-time homebuyer programs in Pittsburgh, PA. These loan programs and grants help you save money on closing costs, offer down payment assistance, and much more. Read on to learn more about these programs and how they can help you achieve your dream of home ownership today!

Purchasing a home

Considering how much home loan you can afford is a crucial step when purchasing a home. One of your first considerations should be whether you’re buying a house, condo, or townhome. It helps in determining how much home loan you can afford and what programs might be available for you to purchase a home through your city or state.

Homebuyer programs are available for every kind of housing situation; if there’s no official program aimed at first-time buyers, it may still be worth checking out what resources are offered by local non-profits. You may have access to free education materials (such as classes on credit score improvement) or even government grants and low-interest loans geared towards those new to homeownership. In some cases, down payment assistance programs could reduce your initial investment in a home from 20% to 5%. With all these potential benefits, it pays to check what home buyer programs are available before starting your search for homes.

Conventional Loans

When you apply for a conventional loan, your interest rate is set by an agreement between you and your bank. While lenders don’t offer first-time homebuyer programs specific to purchasing homes, plenty of other programs is available to help people buy their first home. The most common loans for first-time homebuyers include FHA loans and VA loans. These mortgages have lower down payment requirements than conventional loans do. With these kinds of mortgages, many sellers offer incentives such as closing cost assistance and cash grants to buyers. Homebuyers who qualify for FHA or VA loans can enjoy reduced fees, flexible credit guidelines, and more time to pay off their mortgage than borrowers with conventional mortgages.

FHA Loan

An FHA loan is one of several home buyer programs designed to help individuals and families purchase homes with lower payments. The Federal Housing Administration (FHA) was created to increase homeownership by making mortgage loans available to more people. There are currently dozens of first-time homebuyer programs that use FHA loans. If you have limited funds or have been denied a conventional loan, it’s worth exploring your options through an FHA lender. Keep in mind that while low down payment loans can help you buy a home now, they often come with higher monthly payments than other options. As such, it’s essential to consider all your first-time homebuyer program options before deciding which type of loan is right for you.

VA Loan

If you’re a veteran, you may qualify for a VA loan. These loans are backed by our government and can help you purchase a home with zero down payment. You don’t need to have an active duty to qualify; you could also be eligible if you served during wartime or were injured. Additionally, surviving spouses of veterans who died while on active duty or due to their service-related injuries could also apply. To learn more about these benefits and how they work, visit www.benefits.va.gov/homeloans/index.asp.

The Other Options

For example, you can purchase a home using a VA loan. Mortgage lenders offer these loans and are aimed at people who plan to use their homes for primary residency. For first-time buyers looking to get into a new home for as little money down as possible, look no further than Federal Housing Administration (FHA) loans. Although these loans require more paperwork than conventional mortgages, they allow prospective homeowners to make a down payment of only 3.5 percent of their purchase price. FHA loans come with other advantages, such as lower interest rates and minimal fees on certain loan features, but they tend to be even harder to qualify for than conventional loans.

Contact your local lender today to learn more about what’s available for the first-time homebuyer programs in Pittsburgh, PA!