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Market Tips: First-Time Home Buyer Loan Options

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As a first-time home buyer, we want you to have the best experience possible and keep stress levels low. In order to take away some of this stress, we want to make sure you are aware of many first-time home-buying programs. Below we will explain some of the different programs available to you.

Conventional Mortgage
These loans are good for lower down payments that can go down to 3%, however, they do require a limited mortgage insurance premium.

FHA Loan
These loans are good if you have a lower credit score as well as need a low down payment. However, the lower your credit score is, the higher the down payment will be.

VA Loans
These loans are for veterans and do not require a down payment or mortgage insurance premium.

USDA Loans
These loans offer little to no down payment for lower-income buyers but are only able to be used in certain areas.

There are also loans that are specific to Delaware, like the Preferred Plus Loan. This loan provides a lower interest rate as well as assistance with the down payment and closing costs.

Of course, speaking with a mortgage lender will give you the most up to date programs available and they can also direct you to the program that most closely suits your needs. If you would like more information or would like to be connected with a local Mortgage Lender, we would be happy to help you make the connection!


Contact us at (302) 298-1400 or by email at


The Real McCoy Group of Coldwell Banker Residential Brokerage
89 Atlantic Avenue, Ocean View, DE 19970
DIRECT (302) 298-1400  |  OFFICE (302) 539-1777


More helpful information on loan options can be found here.

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