First Time Home Buyer?

Here are some questions to answer when you’re searching for your first home.

Many factors are considered when lenders underwrite a loan, especially home loans. Your income, credit history, down payment size, employment history, and residential history can all determine the best type of loan for your new purchase.

What is the first step?

First, you must decide how much home you can afford. Your income, other monthly payment obligations, and down payment amount are important considerations. The first step is to get pre-qualified so you have a good idea of what your price range may be. We have a rather painless process in order to get pre-qualfied and we have an application ready to go for easy use.

Are you worried about not having a large down payment?

The average down payment is 20% of the purchase price of the home. However, there are loan options available for down payments as low as 3%. The FHA loan that we offer is a great option for first time buyers with little money to put down, especially in today’s housing market. The FHA loan offers a fixed rate for 15 or 30 years.

Are you a qualified veteran?

We have VA loan options available with as little as 0% down, with a fixed rate for 15 or 30 year terms.

How long are you planning on staying?

If you are planning on staying in the home purchased for less than 15 years we offer a great variety of 5, 7, and 10 year options, both fixed and variable.

Worried about closing costs?

While it is beneficial to you in the long run to pay closing costs upfront, many times the closing costs can be tied into the loan to be paid over the life of the loan.

– Jamie H., Personal Banker

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