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First-Time Home Buyers

Mortgage loan options for first time home buyers

Mortgage Loans for First-Time Home Buyers

If you’re a first-time home buyer, you have many critical decisions to make. In addition to finding the ideal property that meets your lifestyle needs and budget requirements, you also must endure the arduous process of securing financing.

The good news is that there are several first-time home buyer programs available that can make it easier to get an affordable loan. These programs offer a host of benefits that aren’t necessarily available to current homeowners, such as lower or no down payment requirements, more flexible financing arrangements and assistance with closing costs, to name a few.

The Process of Obtaining Mortgage Loans for First-Time Home Buyers

Whether you’re brand-new to the home purchasing process or are re-entering the market, the steps involved include:

  1. Get Your Financial House in Order: The rosier your financial picture, the easier it will be to get a first-time home buyer mortgage  loan. Pay down your debt — especially those high-interest credit cards — check your credit report for errors and put as much money away as possible for a down payment.
  2. Get Pre-Qualified: Pre-qualification is a non-binding process where prospective home buyers work with lenders, who determine the likelihood of approval and the mortgage loan amount available. Note: Getting pre-qualified is not a firm loan approval.
  3. Find the Ideal Home: Once you know how much house you can afford, enlist the services of a reputable real estate agent to help you find your dream home and make an offer.
  4. Complete the Application: When you’ve located the right home, and the seller accepts your offer, you’ll need to choose a lender and complete the loan application process. Get ready to provide detailed information about your employment history, income, assets and debts.
  5. Close the Deal: Upon final approval of your loan application, you will receive a date for the settlement, which is where you finalize the purchase.

Types of Home Loans for First-Time Buyers

Depending on your situation, the following federal government-sponsored, first-time home buying program options may be available to you through private lenders:

  • FHA: Backed by the Federal Housing Authority, an FHA loan allows a down payment of only 3.5 percent and offers flexible lending terms.
  • Fannie Mae Home Ready: Designed for low-to-moderate income buyers, the Home Ready program requires buyers to make a three-percent down payment and eliminates the need to make upfront mortgage insurance premium payments.
  • Freddie Mac Home Possible: The Home Possible program offers flexible credit terms to individuals and families seeking to buy homes in underserved communities.
  • VA Loans: Available to active-duty military, veterans and surviving spouses, the Veterans Administration backs first-time home buyer mortgage loans featuring no down payments and no private mortgage insurance requirements.

Residential Mortgage Services: We’ll Guide You Home

If you’re a first-time home buyer, RMS offers a streamlined mortgage process that will remove the burden from your shoulders. You will appreciate our simple pre-qualification process and our easy, secure application — you can even apply for a mortgage loan on your smartphone! We can also help you determine the right loan type for your specific purchasing requirements.

Get started right now by clicking on the “Apply” button, or give one of our helpful loan officers a call

Mortgage Products:

Conventional Mortgage

FHA Mortgage

USDA-RD Mortgage

VA Mortgage

State Housing Programs

Jumbo Mortgage

ARMs, Fixed Rate &
Interest Only Mortgages

1st & 2nd Mortgages

2nd Homes &&
Investment Properties

Renovation Mortgages

First-Time Home Buyers