Resources for New Home Purchase Loans

Published January 9, 2013 by

There comes a time in everyone’s life when they realize it’s time to purchase a home. Buying a home is expensive. Building costs, real estate value, and the overall financial climate means very few people can afford to purchase a home without taking out a home mortgage. Naturally this leads to questions. Where can you find new home purchase loans? How do you determine the best source of loans for your needs? Fortunately the answers are within reach and some smart investigation will turn up great results.

FHA loans are some of the best options for those seeking new home purchase loans. FHA loans can be configured for first-time buyers, as well as for those seeking to purchase a second home. However, you will have to find a lender that offers access to FHA loans. Two of the best options are also subsidized by the federal government: Fanny Mae and Freddie Mac. Getting a quality FHA home loan through either of these lenders is an excellent, attainable option.

Another option is to use national lenders. The most prominent of these is Countrywide though Chase Manhattan, Green Tree and many, many other national lenders can give you access to a wide range of new home purchase loans. National lenders often offer the best access to good interest rates, as well as beneficial loan terms. These lenders can provide help for those with sub prime credit in many instances, but can also offer help for those seeking jumbo home loans.

If you have military service, you may qualify for VA home loans. These are incredible tools for veterans that help you get the home you need with less expense than with other lenders. VA home loans are only available to those who qualify through military service, or the unmarried spouse of a service person killed in action, missing in action, known as a prisoner of war, or killed through a service-related incident. The application process is fairly streamlined. Be sure your realtor is familiar with the VA loan process.

New home purchase loans are also available through other lending institutions. You may consider checking with your local bank or credit union. If you qualify through their terms, you may find lower interest rates than what you would receive through other national lenders.