Prospective first-time home buyers can find out more information on home loans by checking with their financial institutions, the United States Department of Housing and Urban Development and the Federal Housing Administration. First-time buyers may qualify for special interest rates, loan terms or down payment assistance programs, notes the U.S. Department of Housing and Urban Development. These organizations also have helpful information about the home-buying process, including expectations when house shopping, making an offer and closing.Continue Reading
Buyers who have been with their banks or credit unions for a substantial period may be able to get home loans through these institutions. In these situations, the bank can easily access the applicant's financial records, and most major financial institutions offer many types of home loans, including loans from the Federal Housing Administration and U.S. Department of Veteran Affairs.
The U.S. Department of Housing and Urban Development helps all homebuyers understand the process, and it has many services and products especially suited for first-time homebuyers. These include information on the Fair Housing Act, the Real Estate Settlement Procedures Act and home-buying programs that are state specific. It also has a brochure on how to shop for and compare loan offers and how to spot predatory lending practices, according to the U.S. Department of Housing and Urban Development.Learn more about Credit & Lending