3 Best Mortgage Options for Newlywed Couples

Published on September 14th, 2016

After paying for a wedding, you may think purchasing your dream home is out of reach, but vLoan is here to help you turn your dream into reality. There are programs specifically tailored toward newlywed couples and first-time homeowners to make purchasing a home an attainable goal. With the help of an expert mortgage advisor, you will be on your way to owning a home in as little as 21 days. We are the evolved mortgage lender for the digital generation. Our entire mortgage process is done over the phone and computer. You can call, text or email us and send us your documents through our secure online portal at any time of the day. If you think you are ready to get the process started, make sure you take a minute to fill out our free rate quote!

Which mortgage loan is the right one for me?

vLoan offers a variety of different home loans, so we are bound to have the right home loan for you, your spouse and your unique financial situation. Keep reading to see some of our options best fit for newlywed couples.

The FHA Home Loan

FHA Loans are a first-time homebuyer favorite, especially for newlywed couples. The FHA offers liberal credit and income requirements compared to conventional fixed-rate mortgages. You may be able to qualify for some of the FHA’s low down-payment options. The FHA knows not everyone’s credit score is perfect, but homeownership should be attainable for everyone.

What is the FHA Bridal Registry Program?

The FHA’s Bridal Registry Program is a great option for newlyweds, allowing them to use their wedding gift money for a down payment. Be mindful, however: If your wedding gift cash has been in your account for three months or less, you must be able to provide documentation showing where it came from. Keep a paper trail, folks!

The Conventional Fixed-Rate Mortgage

The most popular loan option for homebuyers and newlyweds is a co­­nventional fixed-rate mortgage. Conventional fixed-rate mortgages are ideal for people who have a stable financial history. With a conventional loan, you may be able to put a low down payment on the home. Putting more money down, however, can get you a better interest rate (APR) and lower your monthly payments. You are still required to have a credit score of at least 620 to qualify for this loan.

The VA Home Loan

If you have served our country, we can take a turn in serving you! VA Loans can help veterans and active-duty service members buy their dream home. With a VA Loan, you will never have to pay PMI (private mortgage insurance) and there is potential for no down payment. That takes a load off, right? Click here if you would like to find out more about the VA Home Loan.

Now that you know some of your mortgage loan options as newlywed couple, you can evaluate if you are ready to take on the responsibility of owning a home. The first step in the right direction is filling out your free rate quote and speaking with one of our dedicated mortgage advisors.

Follow us on Facebook or Twitter to keep up to date with our monthly campaign #HappilyEverHomes. We will be sharing more mortgage advice and news to help educate you about the home buying and refinance process. Don’t do mortgages like your parents did. Do it digitally, with vLoan.

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