Build Your Loan
First-Time Home Buyers
Previously buyers needed 20% down in order to purchase a home. Most buyers, especially first time buyers, have a difficult time saving that much for a home purchase. Especially with all the unexpected things life throws us! Luckily, you don't need 20% down anymore to get you into your own home!
Borrowers can often get into a new home with as little as 3% or even 0% down using one of these low–down–payment mortgage programs:
Conventional 97 – From Freddie Mac or Fannie Mae. 3% down payment options available.
FHA loan – Backed by the Federal Housing Administration. 3.5% down and flexible credit terms.
VA loan – Only for veterans (which of course includes the National Guard and Coast Guard). Zero down payment is required. No ongoing mortgage insurance after closing. These are arguably the best mortgages available, so apply if you’re eligible.
USDA loan – For those on low–to–moderate incomes buying in designated rural areas. Zero down payment required. Low mortgage insurance rates
Down Payment Programs – Almost always for primary residence purchase only and many programs limit to first time buyers.
How The Process Works
First time buyers are often confused as to where to start. Many times, they see a house they like and contact the listing Realtor. Regardless, they are always directed to the appropriate place which is with me. Your agent and seller will need to know if you're qualified for financing, how much house you can purhcase, any red flags, and if you're pre-approved. So call me and I'll walk you through the process and help educate you on what to expect and help take away some anxiety you may have.
Here is the process in a nutshell:
1.) Get Pre-approved - Contact me or click one of the options on the page to start your application and/or get any questions answered
2.) Go house hunting! - I will send you and your agent a pre-approval letter outlining your terms and what you qualify for. Your agent will show you properties and help you complete the property paperwork to submit an offer
3.) Start the financing - Once you have an accepted offer, the contract and all other documents will be sent to me for loan submission
4.) Loan Initiation - Once all documents are received and submitted, processing will order title work and the appraisal
5.) Conditional Approval - While waiting on title and appraisal, the underwriter will issue approval conditions
6.) Clear Conditions - I will contact you for additional documentation requested by the underwriter. These could be items like letters of explantion, updated paystubs, etc.
7.) Final Submission - Once all conditions, title, and appraisal are received, they are all submitted back to the underwriter to clear
8.) Clear to Close! - These are the magic words you want to hear. This means all conditions are cleared and we can schedule closing
9.) Sign - All parties meet to sign loan paperwork and deed
10.) Move in! - Congratulations! You are now a home owner!
11.) MOST IMPORTANT! - Tell all your friends and family how much I helped you get into your beautiful home and was always there to answer your questions! Introduce me! :)