Buy Your First Home

Let’s start with a definition of a first time home buyer. According to the Federal Housing Authority (FHA), a division of the U.S. Department of Housing and Urban Development (HUD), a first time home buyer is:

• someone who has never owned a home before
• someone who has not owned a home for at least three years
• a couple with one who has never owned before and one who is a homeowner
• a displaced homemaker who has only ever owned a home with her husband
• a single parent who has only owned with a former spouse
• someone who has owned a home that was not a permanently affixed to a foundation, such as a mobile home
• someone who has owned a home that does not comply with local and state building code requirements and cannot be brought into compliance for less than the construction of building a permanent domicile

Check with Vic on the nuances of your unique situation to see if you qualify.

So, you are ready to buy your first home? Congratulations!

You may be interested in a single unit property (single family residence, condo, or townhouse) or an owner occupied multi-unit residential property (duplex, triplex or fourplex).  Either way, if this is your first time taking out a mortgage, here are a few things you need to know about first time home buyer mortgage loans:

#1: There are special loans and loan programs designed just for you!

#2: Pre-approval will vastly improve your chances of having your offer accepted

For detailed information about why this is recommended and how to get pre-approved, read our article Why Get Pre Approved and follow the enclosed links.

#3: You may be able to get a loan, whether or not you have the money for a down payment

There are different types of first-time home buyer mortgage loan programs; variations are impacted by your credit scores/credit history, type of job, income level, available funds, and property location. The short answer is this:

No matter where you are in your life, your credit history, or accumulated savings, talk to us.

We have access to programs that will provide you with the funds to purchase your first home whether you have:

• • limited credit (shorter length of time)
  • limited credit breadth (lacking multiple types of credit)
  • lower credit score
  • less money for a down payment, or
  • any combination of these.

Mortgage 101

We start with an informational meeting I call “Mortgage 101.” This is my free consultation with you.

1. I look at your personal, unique, financial scenario, educate you regarding what you need to know about the mortgage process.
2. I’ll lay out your options based on what loan products you can qualify for, whether or not you have the funds for a down payment.
3. I analyze your individual situation and help you understand what you can purchase and what price range fits within your budget.
4. At that point, if you are ready, I will collect your information and we can start the preapproval process.
   • If you have great credit, and easy access to a down payment for 20% or more of your desired home price, that’s fantastic!
   • If not, I will work with you to explain your options, including giving you concrete steps for raising your credit score, and different types of financing and insurance that will make your dream possible!
5. Next, we will shop our database of over 100 lenders for you to find the best loan at the lowest rate, that gives you the most bang for your hard-earned ratings and bucks.