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FIRST TIME HOMEBUYER BENEFITS

Buying your first home can be both an exciting and stressful experience. How do you determine the amount you can afford? How do you choose the right loan for you? How do know how much to expect in closing costs?

Let our experienced mortgage staff HELP < Contact Information >

A First Time Homebuyer is defined as a household of borrowers who have not owned real estate within the preceding three year period.

We will walk you through the steps of financing and provide you with the information you need to make informed decisions. We offer simple financing terms to make the process easy:

BENEFITS:

Free Pre-Approval

No Prepayment Penalties

No Application Fee

First Time Homebuyer Discount *

* Borrower(s) eligibility for the First Time Homebuyer Discount toward closing costs is based on meeting lender’s qualifying criteria.

First Time Home Buyer Discount:

Any first-time homebuyer, who meets the following qualification criteria, will receive a $500.00 lender discount on their closing costs at the time of the loan closing. The homebuyer must meet BOTH of the criteria listed below

• The household must not have owned real estate in the preceding three years.

• The total household income must be below 80% of the HUD median income for the county in which the property is located.

Free Pre-Approval:

Pre-Qualification vs. Pre-Approval

Your realtor may ask that you be pre-qualified or pre-approved for a mortgage before you begin your house hunt. A pre-qualification will determine the amount of mortgage you can afford, but should not be confused with a pre-approval which is of more value to the seller. A pre-approval means you have already been reviewed by a lender and have been determined to be credit worthy.

Pre-Qualification: A pre-qualification is a calculated value of what you might reasonably afford in a mortgage based on a short analysis of your income and debts and the lender’s ratios of affordability. The lender will need your indication of loan program for term and rate, plus the amount of down payment you intend to make. A credit application will not be required.

Pre-Approval: A pre-approval is a lender’s determination of credit worthiness after a complete review of your credit application and credit history including but not limited to, affordability and supporting documentation for employment, income, assets and sufficient cash for down payment and closing costs. A pre-approval letter from a lender reassures the seller that you have the ability to meet the financing terms of the purchase contract.

• There is no application fee when requesting a pre-approval.
  

Have Questions? Try our FAQ or Email our Mortgage Department.

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