First Time Home Buyer

First-Time Home Buyers

Your first experience becoming a homeowner can be very exciting! We can help you understand the mortgage process even if you have just started shopping. Our easy to understand Affordability Calculator will help you get an idea of what options are available for you within your price range.

 

We also recommend that you read our Home Buying Guide and our Mortgage Guides on the menu above.

 

Our licensed mortgage loan specialists are always available to answer your questions without any obligation.

 

Get Pre-Qualified for a Mortgage

Being pre-qualified for a mortgage involves finalizing an application and potentially supplying us with some documents to support the application information. At this time, we will run your credit report and discuss with you where you stand in terms of creditworthiness. We can determine an accurate price range for you, so you can comfortably look for homes without fear that it’s too much or too little house. We want you to feel confident and knowledgeable about your search for the perfect home.

 

Understanding Your Credit Requirements

A stronger credit history will generally get you more favorable terms and a lower interest rate on your mortgage. The best practice is for future homebuyers to make timely payments on bills, credit cards, and loans for at least one year prior to stepping into homeownership.

 

Depending on the lender, the minimum credit score (FICO) requirements for loan qualification are often between 620 and 640.

 

You can obtain both your credit score and credit history report from any of the three major credit report companies (TransUnion, Equifax, or Experian). You will want to verify there are not errors on your credit report and any recent derogatory items like late payments.

 

It is very important that you DO NOT apply for new credit in the few months leading up to your mortgage application! If you have, discuss with us what it is and we can assess what it will mean in terms of your ability to secure a mortgage.

 

Down Payment Requirements, Closing Costs and Fees

Down payment requirements will vary based on each type of mortgage product and your qualifications and eligibility. You could qualify for a no money down loan, but you should expect to cover other costs related to the loan. As a rule, it is always advisable to save as much money as you can to have not only for the down payment but for reserves to make your new mortgage payment in the future if something would happen to your continuous income.