First Time Homebuyers

2 1st Time HomeBuyersIf you have average credit, not too much debt, and 2 years of income, you are on your way to qualifying for a mortgage.

Everybody at one point was a First Time Home Buyer.

Here are some key facts

  1. Real estate and mortgage professionals are there to help you each step of the way.
  1. Realtors’ fees are paid by the seller, not you.
  1. FHA Mortgages are the most common loans for 1sttime homebuyers as it requires a lower credit score and you can buy a more expensive home.
  1. The Down Payments can be as low as $0 (USDA and VA loans) to 3.5% (FHA), depending on your credit and the mortgage program.
  1. The Seller and the lender can cover your closing costs.
  1. You don’t need perfect credit, just not terrible. A 580 score is enough for many.
  1. A family member can gift you the down payment.
  1. The Realtor and Loan Officer will guide you.
  1. 1 in 3 loan application in the US is for First Time Homebuyers.
  1. Student loan debt is the biggest problem many First Time Homebuyers have as it lowers how much they can borrow.
  1. It is OK to have co-signor, such as a spouse or family member.

The process is the same for everybody: your credit needs to be pulled, your income verified, get your pre-approval letter, and work with a realtor to find a house.

If you are applying for a mortgage, and are talking to a loan officer, decide whether (s)he is going to be easy to work with, whether the communications are clear and easy to understand and answers all your questions.

Try me.

For more info: Chris Luis, My Favorite Mortgage Broker.

Call or text me 941-219-4381.

Write me: chris@chrisluis.com

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