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How to Apply For a First-Time Home Buyers Loan: Simplifying the Process Into 8 Doable Steps

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Second mortgages : These are loans you can take out to subsidize the down payment in addition to taking out a principal mortgage. This loan backed by the Federal Housing Administration is ideal for those with low savings or a just-OK credit score. You can qualify for loans with as little as 3.5%

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Looking for a Mortgage Lender? Here Are 19 Questions to Ask Them Before You Commit

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Conventional home loans are private loans that aren’t secured by any kind of government program, and these are available through banks, credit unions, and mortgage companies. The minimum down payment can be as low as 3%, but that is contingent on the buyer’s qualifications. What about interest rates?