Commerce Texas First Time Homebuyer

Mortgage and Lending with CrossCountry Mortgage NMLS # 243437

Being a Commerce Texas First Time Homebuyer makes you have to consider your options before you buy. The first thing you will need to consider is what your long-term goals are with being a home owner and how your goals fit in with that plan. One goal could be to stop paying rent that just increases after every lease you renew.

Buying your own home first is one of the happiest times of your life! However, a lot of paperwork and time goes into it and finding a lender with great reviews will ease much of the stress. But, the satisfaction you get from your first home closing is something you will never forget!

 The benefits of being a Commerce Texas First Time Homebuyer greatly outweighs renting for the following reasons:

  •          Greater privacy.
  •          Homes typically increase in value the older they are.
  •          You build equity for the future.
  •          Your costs are predictable and more stable than renting because homes are based on a fixed-rate mortgage (Also known as FRM, which is a mortgage loan where the interest rate on the note remains the same throughout the term of the loan, as opposed to loans where the interest rate may adjust or “float”).
  •          Good for building equity and making an investment.

 When you are determining what type of home you want to buy, you must first see what type of loan you qualify for and for what price. Before you shop, it’s VERY important to get an idea of how much a lender will actually be willing to loan to you.

When  you are determining if you are qualified for a certain loan to be a Commerce Texas First Time Homebuyer a lender will determine this:

  •          What your current debt is (how much you owe in car payments, credit cards, student loans
  •          What your credit score is. Generally, lenders want you to have a credit score of about 640 or higher to get pre-qualified for a home loan.
  •          What your down payment on the loan will be and what you can afford to pay each month.

Use the HUD site below to learn more about being a First Time Home Buyer :

 To get pre-qualified to purchase your home, you will need to give the lender the following documents:

  • Most recent one month of pay stubs
  • Most recent two months of bank statements for all checking and savings accounts , all pages even if they are blank
  • Most recent retirement statements
  • Full copies of last 2 years tax returns, all pages and schedules
  • Last 2 years W-2’s and 1099’s
  • Copy of DL and SS card

Here are some do’s and don’ts during the process when purchasing a home:


Pay all debts on time.

Maintain the status quo.

Save as much as possible, if needed.

Deposit pay checks into your bank account .



Take on new debt .

Change jobs.

Let anyone pull your credit.

Deposit cash into your bank account.

Get married or divorced.

Sell anything.

Open new accounts.

Move money around.

Close credit accounts.

Change your work position or the way that you are paid.

To get started, please call Joy Bates with the Legacy Group of Cross Country Mortgage at 817-860-3232, email Joy:  or visit our website; or text at 817-913-5556.

Posted by

The Legacy Group of CrossCountry Mortgage

Chad and Joy Bates NMLS #243437


1205 West Abram St. 

Arlington, TX 76013