First-Time Homebuyer Requirements To be approved for a mortgage, you'll need to meet a number of requirements, which can vary depending on the type of loan you're applying for and your particular lender. Lenders will generally require proof of income sufficient to make the monthly mortgage pa...
What Is a First-Time Homebuyer Loan? With the help of a first-time homebuyer loan, the dream of owning a home can become a reality. These loans make homebuying accessible for borrowers who may struggle with the process due to low credit scores, limited income, or little savings for a...
Buying a home is still considered a key aspect of the American dream, as a home is typically an appreciating asset that grows in value over time. Being a first-time buyer can open the door to tax breaks and federally backed loans if you don’t have the usualminimum down payment—ideally...
Each group sets its own qualifications. In many cases, you can qualify as a first-time home buyer if you haven’t owned your principal residence in the past three years. Just starting your research? Here’s your how-to guide. When are you considered a first-time home buyer? You are ...
From setting a budget to picking a neighborhood, first-time home buyers have a lot of decisions to make. Here’s another one: What type of mortgage should I get? There’s not just one choice for a “first-time home buyer loan.” More likely, you’ll compare a few mortgage types. Ea...
A no-down-payment mortgage allows first-time home buyers and repeat home buyers to purchase property with no money required at closing, except standard closing costs. Other options, including the FHA loan, the HomeReady mortgage, and the Conventional 97 loan, offer low down payment options with...
“As an FHA DE underwriter, I pride myself on navigating the complexities of FHA loans to help first-time homebuyers and families achieve their dream of homeownership.” Phuong Lee, Underwriting Manager at Griffin Funding.Who Can Qualify for an FHA Loan? Qualifications by lender, as these ...
Imagine you want to buy a new home for $450,000. Here’s how much you might have to put down as a first-time home buyer, depending on your qualifications: Credit ScoreDebt-to-Income RatioLoan TypeDown PaymentDown Payment $ Amount ...
Rural Development Loan Program: This program assists low-income families in obtaining housing in eligible rural areas. Homebuyers can reduce the mortgage payment for a short period of time, if eligible. To qualify, a homebuyer must: Currently have no safe and sanitary housing. ...
Explore the Smart Start first-time home buyer assistance program at WaFd Bank. Enjoy as low as 1% minimum contribution, no PMI, and up to 2% loan forgiveness.