If you are a FTHB - First Time Home Buyer then please get comfortable and read this page!

You will need information on the loan process, down payment requirements, asset requirements, income requirements, job history requirements, appraisal questions and everything in between.

Loan Process

The loan process starts with a Pre-Approval based on your credit, estimated loan amount or purchase price and your income (& job history).  The loan amount will dictate what type of loan programs available and each program will carry different interest rates.

FHA, VA and USDA Rural Development Loans all carry varying and different loan amounts based on your area and market.  Conventional loans programs have been capped at $417,000 but that rule has recently changed based on the area you live in and market conditions.  Contact me to find out information for your market.

Down Payment Requirements

So you don't have $10,000 sitting in your savings account???  You really do not need 5 or 10% of the purchase price as down payment - yes, I know what you saw on *NN, or MS*BC.  There are low downpayment programs like FHA or VA that can go as high as 97% of the sales price (approx. 3% down payment) and USDA Rural can go up to 100% based on appraised value.  These type of programs are perfect for first time home buyers and make owning a home very affordable.

Recently the down payment assistance programs have been under fire but there are still some available and may provide a borrower with the additional funds needed to get to the closing table.

Income & Job History

Your income and job history go hand in hand but can also offset each other positively (or negatively).  Each loan program has different 'requirements' or guidelines but vary by scenario.

Current Housing Market & Best Time to Buy

If you are currently renting and just do not have someone to guide you down the road to home ownership - please contact me today!  The current market is labeled as a 'Buyer's Market' so obviously there are a ton of deals to be had - only if you jump on the right deal the right way.  Get a qualifed team - a mortgage professional and a real estate professional that will assist you in making all the right decisions from step 1 to closing.

If you are waiting - I would ask, "for what?"  Rates are at an annual low and better than the previous 14 months on most programs and when you couple this with outstanding deals on existing or newly built homes (spec's) then you have a recipe for building wealth.

Your dream of home with the backyard or patio or garage or whatever it is that you want can be achieved with the right Mortgage Consultant by your side - I appreciate that you have a choice and I am confident that your first stop will be your last when you call me! 

You can find me on the web @ nscott.fubmortgage.com or by email at nscott@firstunitedbank.com.  If you are phone person then my cell is 214-435-1332.