Step One: Pre Qualify
First-time homebuyer loan programs requires pre-qualification. In this step you’ll be able to find out if you can qualify, how much you can qualify for and the estimates on all costs involved.
Step Two: Offer
Once you are pre-qualified, you can move on to the fun part – shopping! Here you’ll work with your realtor on finding the perfect home for you and putting in the offer to purchase!
Step Three: Move In
Once offer is accepted and you have closed on your home, you’ll receive your keys! Now keep in mind, this is a highly simplified version.
FIRST-TIME HOMEBUYER LOAN PROGRAMS
Simplifying the Home Purchase Experience
Down Payment Assistance
Make Home Ownership a reality. For Texas Home Buyers, TSAHC provides fixed-rate mortgage financing, down payment assistance grants and second liens, as well as mortgage credit certificates.
Better Rates
With Fannie Mae’s HomeReady program, first time home buyers can take advantage of rates better than or equal to Fannie Mae’s standard loan rates*. HomeReady also allows for lower down payments, no minimum contribution from borrower’s own money, and more. These programs also have no location restrictions!
Closing Cost Assistance
Maybe all you need is just a bit of help with Closing Costs? Many lenders can offer credits to help with just that! Lender credits can cover almost all other fees except the Down Payment.
No Fico? No Problem!
With our No Fico program, buyers who are just starting out can still get approved for a conventional loan with only 5% down. You can get your dream home and build your credit from day 1.
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Simplifying your home purchase.
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There are many reasons to buy a home, this could include wanting to stop paying rent, having a place to call your own, or wanting to invest in property. Whatever the reason may be, buying a home is a big decision and there are a few things you should consider before taking the plunge.
The first thing you need to do is figure out how much you can afford. This means looking at your income and debts to see what kind of monthly mortgage payment you can comfortably make. You also need to factor in other costs associated with homeownership, such as property taxes, insurance, and maintenance. Understanding your spending habits and where your affordability is, should be the first conversation you have with your lender.
“Residential Properties” vary widely and you need to decide what lifestyle you want. Do you want a single-family home, a condo or perhaps an apartment? Deciding on the type of home that fits your needs is crucial as it will impact how much space you have, how much maintenance you do (or don’t), neighborhood amenities and more.
In addition , you’ll need to think about where you want to live. Do you want to be in the city or suburbs? A rural area or small town? Consider your commute, schools in the area and other factors that are important to you when making your decision.
What features are you looking for a home?
Do you need a garage? A backyard? A certain number of bedrooms or bathrooms? Once you know what type of home you’re looking for and where you want to live, you can start narrowing down your search and looking at specific properties.
Take the time to really think about what you want and Need in a home before beginning your search. With a little bit of research and preparation, you can find the perfect home to buy that meets all your needs and more!
You may check real estate websites to get an idea of the pricing and features that are most important to you.
Now that you have the basics down, your next step should be to line up financing. This is what Pre-Qualifying is.
Pre-Qualifying will give you a starting point of the maximum purchase price your monthly budget can afford. There are a lot more expenses than just principal and interest that go into your monthly payment. Work closely with your lender and ask any/all questions you may have.
The Pre-Qualifying process is simple and easy. You’ll start by filling out an application and submitting any requested documents.
Remember, our job is to help you buy a home NOT to disqualify your or decline your application. Be as open and transparent with us, we’ll do our best to make homeownership a reality,.
YES, you should get with a Real Estate Agent. Real estate agents can help negotiate the best price for your home and help you navigate the complicated process of buying a home. Getting an agent on your side will save you time, money, and stress as you go through this important process. Plus, as a buyer, did you know they cost you 0$. If you need help with finding a qualified agent, reach out today!
