- First-Time Homebuyer Loans | USAA
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First-Time Homebuyer Loans | USAA
Do you have a down payment? Enter the amount or percent of the total cost. If applicable, enter your down payment in dollars or tab to the next field to enter the down payment as a percentage of the home's cost step 4 of 5. See note 1 Use the calculator below to update your estimated monthly payment. Loan Term years.
See note 2 Get Preapproved. Call to get preapproved for a jumbo loan. Learn More About Jumbo Loans.
Explore All Home Loans Choose the right mortgage for you. VA Loan. First-time Homebuyer Loan. Conventional Loan. Rates are based on the following loan scenario and are subject to change without notice: Take the first step in buying your new home.
Fixed or Adjustable Rate
Get Support. Switch to mobile site. Have you served at least 90 days straight during wartime? Have you served as a reservist or in the National Guard for at least six years? Are you the spouse of a service member who died in action or from a service-related disability? According to the VA's requirements, you may be eligible for a VA loan. You may still be eligible. Take a look at some additional eligibility scenarios Opens Pop-up Layer to see if you may qualify or call to speak with a loan officer.
To get a Certificate of Eligibility, you must have been discharged under conditions other than dishonorable and meet the service requirements below:. VA must deny applications from surviving spouses who remarried before Dec. See note a If you don't meet these minimum service requirements, you may still be eligible if you were discharged due to:. Understand your budget and be in a better position to negotiate with sellers.
We'll check your credit and give you a letter you can use for up to 90 days. For more information, visit the U. Department of Veterans Affairs website. Once you find a new home, call a loan officer at to get started on your mortgage application. Take your first step today and get preapproved for a VA loan. See note 2. We can connect you with top real estate agents across the country who have experience with your unique needs. The amount of your monthly payment that goes toward interest charges on your loan.
Interest is an amount paid by a borrower to a lender as compensation for the use of borrowed money. A type of insurance that protects the lender in case the borrower stops making monthly payments. This is not the same as homeowners insurance. This is a type of loan you can use more than once. Even if you've had a VA loan in the past, you may be able to apply for another one. A fee paid to the Department of Veterans Affairs. The amount can be paid all at once during closing, or it can be rolled into your loan. Unlike interest rates, APR factors in the amount borrowed, the interest rate, one-time fees and discounts to determine a more accurate yearly cost.
The standardized APR formula is used to make it easier for consumers to compare rates at different businesses. Information used to issue the preapproval will require verification during the application process. This mortgage calculator is intended to assist you with estimating basic monthly mortgage payments. It is informational only. All examples are based on the information entered and are for illustrative purposes only. This is not an offer to lend.
Explore All Home Loans
Program may be unavailable for employer-sponsored relocations. Not available for transactions in Iowa or outside the United States.
This is not a solicitation if you are already represented by a real estate broker. Reward offer limited in some states. Real estate agent fees still apply.
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The reward is not available in Alaska, Oklahoma or Louisiana. Close Menu. Purchase Rates Refinance Rates. Fixed or Adjustable Rate A fixed-rate mortgage has an interest rate that's guaranteed for the full term of the mortgage. Government-Backed or Conventional In addition to being categorized as fixed or adjustable, mortgages can be classified as either government-backed or conventional.
Two of the most common government-backed mortgages are: Veterans Administration VA loans: Available to military service members and veterans, VA loans require no down payment. While there's no requirement for mortgage insurance, you'll have to pay a funding fee, which varies depending on whether you put money down and whether it's your first VA loan. You may be exempt from paying the funding fee if you receive service-related disability payments.
These are for borrowers who don't have money for a large down payment or a great credit score. Conforming or Non-Conforming A conforming mortgage is structured to fit specifications established by government- sponsored mortgage entities such as Fannie Mae and Freddie Mac, which buy mortgages from lenders and then sell them to investors. Some Less Common Mortgages In addition to the types of mortgages discussed above, there are a few others you may come across. For a period of years, balloon mortgages require payments similar to what you'd pay in a fixed-rate mortgage.
At the end of that period, however, the entire remaining principal is due to be paid back all at once. As the name implies, with an interest-only mortgage, you only pay interest to the lender for a period of years. After that period, rates typically adjust and then you'll have to start paying both principal and interest. That makes for a huge jump in your payments. Approach them with caution — this type of mortgage, now rare, played a big role in the real estate meltdown in , as many borrowers weren't able to make their higher payments after the interest-only period.
If you're building a home, this two-step mortgage first provides money to pay for the lot and construction and then, when you're ready to move in, that balance is rolled into a standard mortgage. Learning Center Resources Homebuying The Mortgage Process Article Topic: Getting Started Article Topic: Finding Your Home Article Topic: Financing Your Home Article Topic: