Primary Home Loans
Would you like to Buy your First House?
Being a homeowner is one of the biggest dreams we all have. Did you know that there are many government programs that help you finance the purchase of your first home? The first buyers can obtain the lowest interest in a fixed term, with the minimum downpayment as a little 3%.
Start to prepare your finances. If you have already decided that buying is better than renting, then you need to organize your finances. Determine how much money you have for the purchase based on your income and savings. Do not forget to consider some reserves for initial payment and the monthly installments that you will have to pay.
The first step is in the Purchase Process is to be Pre-Qualified and get the Pre-Approved letter form your Loan Officer. Before making any decision, find out and ask about the different types of mortgage loans for First Time Home Buyer or for Investors in Real Estate.
What should I know before applying for a Mortgage Loan?
What is the minimum Downpayment to Buy my First Home?
What is the minimum Credit Score to buy houses?
The minimum Credit Score required to qualify is 620 on almost all mortgage programs. Only FHA program can approve you with a minimum credit score of 550 putting 10% initial down.
The Employment History is the main thing to have when you are applying for a mortgage application as First Time Homebuyer, the minimum time required is 2 years. In case there have been several jobs in the last two years, it is also accepted as long as it has been in the same ruble.
How much money should I have to Buy?
You need to complete the sum of the Downpayment and the Closing Costs. Estimated closing costs represent 2-4% of the property purchase price.