Buying Your First Home…
We Can Make It Fun And Easy!
Getting A Loan For Your First Home
There are first time home buyer loan programs available that only require $1,000 down. Please call (303) 222-0027 or e-mail firstname.lastname@example.org for more info and a free list of programs!
Getting a loan for a first home may be easier than you think!
Here are the basic steps in the process, many of which you can complete before or while you are looking for properties:
- figure out how much you can afford as a monthly payment
- based on current interest rates, figure out how much you can afford to spend on a property
- check your credit score, and raise it if you can
- gather all of your financial records (tax returns, bank statements, income verification)
- meet with a mortgage broker or lender
- compare home loans and looks into options like FHA, Conventional, and VA loans
- get pre-qualified for a loan and have the lender write a letter stating how much you can afford to spend (e.g. $150,000)
- ask about any first time home buyers programs that might be available, including down payment grants and/or closing costs assistance
- obtain a “good faith estimate” from your lender that includes interest rate, length of the loan (typically 30 years), and closing costs
Once you put in your offer on a home, and it’s accepted by the seller, you’ll be under contract. Below, you will find the next steps in your loan process:
- submit all of your financial records
- have the property appraised (the lender will require this and order it for you)
- be prepared to submit more financial records and/or a letter of explanation if the lender has questions about your finances
- sit tight with your finances and credit – don’t make any large purchases or open or close any accounts while you’re waiting for loan approval
- have your portion of the money ready (the amount you’ll need to bring to the closing to cover the down payment and/or closing costs)
- review the loan documents (typically you’ll do this a day or two before the closing)
- go to the closing, turn over the money you owe, and sign the loan documents
Although the steps above may seem unpleasant or tedious, they’re not bad, if you just tackle them one at a time.
And when you’re spending your first night in your new home, you’ll be glad that you went through all of the effort to become a homeowner!
For more information on getting a loan for your first home, please call (303) 222-0027, or e-mail email@example.com.
Please Note: If you’re ready to find out more about the properties that are available in the Denver metro area, contact us for a free consultation. It’s also important to note that, as a buyer, you don’t have to pay our commission – that comes from the seller at the closing.