Empowering First-Time Buyers with Knowledge and Guidance.
Dive into our comprehensive video series to navigate every step of the homebuying process. From securing the right loan to avoiding common pitfalls, our expert guidance ensures you transition from renter to proud homeowner with confidence.
Get pre-qualifiedMany first-time homebuyer programs offer assistance with down payments, making it easier for buyers to afford their initial investment.
Some lenders and programs offer lower interest rates specifically for first-time buyers, helping them save money over the life of their mortgage.
Real estate historically appreciates over time, offering first-time buyers the opportunity for long-term financial growth and wealth building.
Instead of paying rent with no return, homeowners build equity as they pay down their mortgage, potentially leading to financial growth and stability.
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Navigating Reverse Loans with Expert Guidance!
Gain valuable knowledge and insights from industry experts.
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Empowering First-Time Buyers with Knowledge and Guidance!
Explore various mortgage options like fixed-rate, adjustable-rate, FHA, VA, or USDA loans. Choose based on factors like credit score, down payment amount, loan term, and long-term financial goals.
To determine affordability, consider your income, debts, credit score, and down payment. Use a mortgage calculator to estimate monthly payments and ensure they fit comfortably within your budget.
Pre-qualification is an initial assessment of your financial situation based on self-reported information, while pre-approval involves a thorough review by a lender, including verification of income, assets, and credit history. Pre-approval carries more weight and shows sellers that you're a serious and qualified buyer.
You can avoid PMI by making a down payment of at least 20% of the home's purchase price. Alternatively, some lenders offer options like piggyback loans or lender-paid PMI to help borrowers avoid or minimize PMI costs.
FHA loans offer benefits such as lower down payment requirements (as low as 3.5%), more flexible credit score requirements, and competitive interest rates. They are particularly beneficial for buyers with limited savings or lower credit scores.
*This is not a commitment to lend. The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, and hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid. Otherwise, the loan must be repaid when the last borrower passes away or sells the home. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. This material has not been reviewed, approved or issued by HUD, FHA or any government agency. <COMPANY NAME> is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. To find a Reverse Mortgage counselor near you, search the HECM Counselor Roster at https://entp.hud.gov/idapp/html/hecm_ agency_look.cfm or call (800) 569-4287
Charges such as an origination fee, mortgage insurance premiums, closing costs and/or servicing fees may be assessed and will be added to the loan balance. The loan balance grows over time, and interest is added to that balance. Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the interest on the loan. Although the loan is non-recourse, at the maturity of the loan, the lender will have a claim against your property and you or your heirs may need to sell the property in order to repay the loan or use other assets to repay the loan in order to retain the property. You should know that a reverse mortgage is a negative amortization loan which means that your mortgage balance will increase while your home equity decreases if you do not make principle and interest payments on your loan. This may make it more difficult to refinance the loan or to obtain cash upon the sale of the home. However, you will never owe more than the home is worth when the loan is repaid.
Getting approved for a VA loan begins with taking a look at your unique situation.
Getting approved for a VA loan begins with taking a look at your unique situation.