Buying a New Home
New home buyers, whether you’re expanding to a new home or looking for a new style, purchasing a new home can be exciting and worth the effort of the move. eLEND offers a diverse array of financing solutions to fit nearly every budget. We’re able to offer some of the most competitive rates on home loans with an emphasis on customer satisfaction due to our investments in technology and people. We encourage you to request a free online Rate Quote from us to start you on the path toward acquiring a new home!
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Choosing the Right Property for You
Are you a new home buyer? Many factors will come into play when making this decision. Consider your budget, current mortgage interest rate, preferred location, the style of home you are drawn to, whether you want more or less space, and your favorite features in a home—all of which may or may not differ from your first home search.
In addition, there are several property types that may be available depending on your location.
- Single Family Homes: A stand-alone home, often with a surrounding yard, is a popular choice for the privacy it provides. It’s what many people envision when they think of “home.”
- Manufactured and Modular Homes: These are often an affordable option, and often tend to be more environmentally friendly than stick built homes.
- Multi-Family Homes: A house with two to four different units can be a great choice for large families or for those who would like to rent out the additional units to generate income.
- Condos: Home buyers often select condos for their affordability, reduced maintenance, and because they are looking for a smaller living space.
Available Purchase Mortgage Programs
- Conventional Fixed Rate Mortgages: A fixed interest rate means your payment will stay the same for the life of the loan.
- FHA Loans: Offers low down payment options and lenient credit requirements.
- VA Mortgages: No money down financing options for eligible military veterans, active duty servicemen and women, and surviving spouses.
- USDA Rural Housing Loans: Offered to borrowers purchasing homes in designated rural areas. The zero money down option makes it a popular choice for first time homebuyers.
- 2/1 Temporary Buydown: Significant monthly savings for the first two years, increasing the borrower’s financial flexibility.
Buying A Home That Needs Work?
eLEND offers a specialty loan program that allows you to finance both the purchase of and renovations to a new home. A 203(k) loan, a type of FHA mortgage, can help you turn that fixer upper into your dream home, potentially giving you instant equity as you transform a distressed property into one you are proud to call home. Click here to learn more about renovation loans from eLEND.
We understand how difficult it can be to achieve home financing. That’s why we these developed educational tools to help aid in your understanding of the mortgage process: