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First-Time Homebuyer FAQs
Buying your first home can be a daunting experience. Here are a few questions a first time home buyer should ask to help navigate the process.
How Much of a Down Payment Will I Need?Traditionally speaking, a down payment of 20% is beneficial when purchasing a property. This can help you avoid paying private mortgage insurance (PMI) premiums as well as reduce the cost of your monthly mortgage payments. Different loan types have different minimum down payments. A conventional loan may require as little as 3% down while FHA loans ask for at least 3.5% of the total purchase price. Some loan types even offer a 0% down payment option. However, the more you pay upfront for your home, the lower your monthly mortgage payments will be.
What Should My Credit Score Be?To qualify for the best rates on a home loan, your credit score should be 740 or above. Take into consideration that most mortgage lenders will not differentiate between a score of 740 or 850. You can still be approved for a home loan with a credit score above 580, but the terms of your loan will be affected by your credit history.
What Other Monthly Costs/Fees Should I Be Aware Of?There ... more

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