First Time Buyers

FIRST TIME HOMEBUYERS

Your path to home ownership.

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Resources to Help You Get Started

SAVING FOR A DOWN PAYMENT

The biggest financial hurdle you face when buying home can be gathering enough cash for the down payment. Learn more about how much you need and where you can source those funds.

Loan Calculator

BUILD A HOMEBUYING TEAM

Buying a home can be complex. It is probably one of the most significant purchases you will make. So it's a good idea to assemble a team to guide you through the process.

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HOW MUCH CAN YOU AFFORD?

Learning how much you can afford is a great place to start your home-buying journey. This helpful calculator will take all underwriting factors into consideration.

Payment Calculator

Specialized Loans First Time Homebuyers

FHA, USDA & VA LOANS

These are government loans backed by the Federal Housing Administration and the US Department of Veteran Affairs. They offer lower down payment options with more flexible credit and income guidelines. An Independent Financial loan officer can walk your through the options to determine which one is best for you.

Find a Local Loan Officer

ITIN LOANS

Our ITIN Loan is a unique kind of loan for individuals who may not have the traditional documentation needed to obtain a mortgage loan. This is a great alternative solution to home ownership.

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Programs vary. Speak with a mortgage lender for details. Loans subject to credit approval.

FAQs for First Time Homebuyers

Below are some helpful frequently asked questions when buying your first home.

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What is debt-to-income ratio?

Your debt-to-income ratio is the comparison of your gross income to housing as compared to your non-housing expenses. The FHA usually requires your monthly mortgage payment to be no more than 29% of your monthly gross income (before taxes) and the mortgage payment combined with non-housing debts should not exceed 41% of your income.

What is escrow?

Escrow is when mortgage payments are made to the escrow holder. The escrow holder holds the amount needed for taxes and makes the payment to the mortgage company and tax assessor.
 
• Required on loans above 80% LTV
• Required on all government loans

What are points?

Points (sometimes referred to as discount points or mortgage points) are paid to the lender, usually at mortgage closing, in order to lower the interest rate. One point equals one percent of the loan amount. For example, 2 points on a $100,000 mortgage equals $2,000.

What is Private Mortgage Insurance (PMI)?

An insurance policy that protects the lender against default on loans by providing a way for mortgage companies to recoup the costs of foreclosure. PMI is usually required if the down payment is less than 20 percent of the sale price.

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