First Time Home Buyers

Buying your first home is one of the biggest decisions of your life. It can also be exciting, create anxiety, along any number of other emotions. It is vitally important that you work with loan officers who take the time to explain every step in the process and don’t want to leave you wondering. We are dedicated to providing the highest level of service so taking the extra time to ensure a stress free transaction is what first time buyers really need.

Pre-Approval is the First Step

We recommend determining if you can get pre-approved for a loan before you start shopping for a home. This will give you a clear idea of how much you may be able to afford to spend. We send an estimate of all terms and closing costs so you are fully in the know before you start shopping. Getting a prequalification letter from a lender will also show sellers that you’ve done your due diligence.

Loan Program Options

Fannie Mae and Freddie Mac have low down payment options for first time buyers. They require a minimum of 3% down for first time buyers, and have options for lower mortgage insurance premiums.

FHA loans are the most commonly used as the down payment amount is only 3.5% and the underwriting guidelines are more lenient towards lower credit scores and shorter credit histories.

VA loans aren’t specifically a first time home buyer product but if you are a Veteran then this is the most competitive option for you. Zero down payment required and easier underwriting guidelines make the VA loan a great resource for Veterans purchasing for the first time.

Start Working With a Real Estate Agent

Believe it or not, but now is the time to start working with an agent. Discussing financing is step 1, working with a real estate agent to find your home is step 2. A real estate agent can help you understand the process, provide information on the homes in your area, and guide you through making an offer. They are there to negotiate for you and protect you during this process. You can ask friends or family for recommendations but we can also refer you to trusted, experienced agents who we have worked with many times over.