Quicken Loans Zing Blog - Learning Center - Buy Your First House

When you’re just starting out, the journey toward purchasing your first home may seem like a long, winding road of confusion. Rest assured: Quicken Loans is here to make it easier! We’ll listen to your unique situation and guide you in the direction of the best home financing decision!

First, we recommend downloading and printing Home Buying 101: The First-Time Home Buyer’s Guide. Home Buying 101 is part of our Zing finance education series and is chock full of great information that will make buying your first home a breeze.

If the thought of saving for a super-sized down payment seems like an impossible feat, we’ve got programs that require as little as 3.5% down! In some cases, you can even obtain your down payment costs through a non-profit organization or a relative!

And what about the pre-approval process involved with loans you’ve heard about? With Quicken Loans, you won’t have to worry about paying any fees to get approval before you start shopping for a home. You’ll get more bargaining power and enjoy hassle-free home buying!

Does This Describe You?

Whether you’re getting ready to walk down the aisle, adding a baby to the family, or transitioning out of a rented property, we’ll help make putting the new keys in your hands a reality. Never consulted with a real estate agent before? We can match you with a trusted, pre-screened agent through our partners at In-House Realty to ensure you’ll have a seamless home buying experience!

What Are the Home Loan Options That Fit Your Goal?

30-Year Fixed-Rate Loan
With a 30-year fixed-rate loan, payments are low and steady, leaving you with that peace-of-mind feeling that there won’t be any surprises hitting your budget as you’re starting out!  It’s a great option if you’re looking for features such as:

  • Opportunity to purchase a primary home with as little as 5% down
  • Loan amounts ranging from $25,000 to $2,000,000

FHA Loan
What do you get when you add an easier qualification process to government-backed security?  It’s the FHA Loan, and it’s a flexible and trusted equation that can add up to savings! With your FHA Loan, you’ll get features such as:

  • 30-, 25-, 20-, and 15-year fixed-rate terms
  • Qualification for credit scores as low as 580
  • Ability to refinance up to 97.75% of your primary home’s value
  • Option to purchase a primary home with as little as 3.5% down

VA Loan
We’ve got super rate-saving options for first-time home-buying veterans too!  Apart from the no down payment guarantee that saves you money up front, VA loans are available with the following options:

  • 30-, 20-, and 15-year fixed-rate loans
  • Jumbo VA loans up to $1,094,625 ($1,500,000 in Alaska and Hawaii)
  • No monthly PMI (Private Mortgage Insurance)
  • Opportunity to buy your home with no money down!

What is YOURgage, anyway?  Well, it’s exactly like it sounds: it’s your mortgage, your way!  This revolutionary customizable home loan option through Quicken Loans allows the borrower (that’s you!) to choose their own terms to best suit their financial needs.  Maybe you’re three years into a 30-year fixed-rate home loan, but are looking to refinance and lower your payment.  Looking outside the boundaries of a traditional loan, it may make sense to choose a 25- or 27-year mortgage.  It’s the home loan option that’s flexible to match your needs.

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