CONTACT A LOAN OFFICER
PRE-QUALIFICATION AND CREDIT CHECK
GATHER APPROVAL ITEMS NEEDED
GET PRE-APPROVED, THEN SEARCH FOR A HOME
LOAN PROCESSING AND APPROVAL
SIGNING FINAL LOAN DOCUMENTS
LOAN CLOSING PERIOD
FINAL FUNDING PERIOD BEFORE GETTING YOUR KEYS
CONGRATULATIONS! YOU ARE NOW A HOMEOWNER
The Federal Housing Administration (FHA) offers loans with as little as 3.5% down payment, which are pretty popular among many first time home buyers. They aren't as strict on requirements like credit, which makes it easier to qualify. They do require mortgage insurance which will increase the monthly payment. Another great plus; if a family member wants to offer you money for your downpayment as a gift; this loan allows for it.
If you have managed your credit wisely, then you may qualify for a conventional mortgage with a lower interest rate. You can pay as little as 3% for your downpayment, and one you've paid 20% of your loan (AKA 80% Loan-To-Value), your mortgage insurance (which increases your monthly payment) goes away.
The United States Department of Agriculture (USDA) rural loan won't limit your home choices to a farm. In some cases, properties zoned "rural" are just a few miles away from the nearest city. USDA loans don't require a down payment and offers easier credit qualification, which makes them very attractive to first time homebuyers.
The Veterans Administration (VA) offers qualified veterans, active duty military and your family members many benefits to get into your first home. First time home buyers may not require a downpayment, allowing you to get into the home without years of saving. You're also exempt from mortgage insurance, lowering your monthly payment. Lastly. Basic Allowance for Housing (BAH) can be counted toward income qualifications, increasing the amount of income you claim.
Buying a fixer-upper/distressed property. A Federal Housing Administration Rehabilitation loan (FHA-203K) makes it easy for borrowers to afford a new home - and its renovations.
Looking to buy San Francisco or want to build a custom home? A jumbo loan are available to qualifying borrowers who want to finance properties from $453,100 up to $3 million. Jumbos come with flexible rates and terms.
PLEASE CONSULT A LICENSED MORTGAGE LOAN ORIGINATOR/OFFICER TO DISCUSS YOUR LOAN OPTIONS.
JOE P. PEREZ & ASSOCIATES IS NOT A LICENSED MORTGAGE LOAN ORIGINATOR/OFFICER.