What type of loan is best for first-time buyers? An FHA loan has lower down payment requirements and is easier to qualify for than a conventional loan. FHA loans are excellent for first-time homebuyers because, in addition to lower up-front loan costs and less stringent credit requirements, you can make a down payment as low as 3.5%.
Most loan programs will allow you to spend between 38% to 50% of your gross income on your back-end ratio. Conforming loans will allow up to 43%, FHA will allow up to 45% or sometimes more.
5% deposit: £10,000 10% deposit: £20,000 15% deposit: £30,000
The approval time takes one business day only Compared to other platforms, the interest rates are more affordable The maximum limit is $10,000 The repayment time frame is between 3-60 months The platform has a user-friendly interface
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