First-Time Buyer Loans

We are on a mission to help people get into their first home!  A “first-time buyer” is anyone who has not owned a home during the preceding three years.  There are a number of considerations when buying one’s first home: How much can I qualify for? What is my credit score?  And how can my credit score impact my qualifying? How much will it cost me to buy my first home? How can I locate the most favorable home mortgage program? What is the process to follow when I buy my first home?

If you are considering purchasing your first home the first step (and single most important action that you can take) is have your home loan “pre-approved.”  It is important that you become pre-approved and not just “pre-qualified”.  If you are approved for your loan in advance you are completely prepared to enter the home buying market. If your loan is already approved your purchase offer will carry clout with the property seller and will help you secure the acceptance of your purchase offer.

The process is simple and streamlined:  I meet with you to discuss your qualifying and home-buying goals. At that time I educate you on the entire home buying process so that you are equipped to move forward with confidence. (If you are unable to meet in person we can conduct our session via phone and e-mail.)  When we meet here are the documents that we will need:

• W-2’s for the past two years
• Your pay stubs for the most recent full month
• Federal tax returns (with all schedules) for the past two years (if you are self-employed or rely on income other than W-2 income)
• Savings, checking and investment statements for the most recent full month

Armed with this information we approve your home loan in advance – it is that simple.
You are going to have many questions and I address those at our meeting. We will discuss the following:

• Down payment requirements
• Closing costs – what are the costs to buy?
• Real estate taxes and property insurance requirements
• The home buying process, including the loan, escrow and title insurance processes.

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