Brad Hart breaks down four ways to buy your first home: traditional mortgages, seller financing, VA loans with 0% down for veterans, and FHA loans requiring as little as 3.5% down.
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Four ways to buy your first home. Well, number one, you got a traditional mortgage. Pretty straightforward. Most people understand this. You go to a bank, you get qualified, they give you a certain amount of money, you put a certain amount of money down, they give you an interest rate, you pay. Pretty straightforward. Number two, most people understand is you can get seller financing. If you can find the right seller who owns their home outright, they may decide to sell it to you for terms. Maybe they give you a little more time, maybe you get a little more flexibility in the loan. It's your chalk. It's your chalkboard, as one of my mentors likes to say. Three, if you're a veteran, thank you for your service. But also you should definitely take advantage of your VA loan. It allows you to buy up to two properties with 0% down and there's some incredible benefits in doing so. I believe it's up to a million dollars, but somebody can verify that. And then four, with the fha, it's the Federal Housing Administration loan. It's for first time home buyers and allows you to put as little as 3.5% down on your first home. There you have it. Four ways to buy your first home. Follow me here for more talk soon.
