For many American families, homeownership can be one of the best opportunities to build lasting wealth and security. Informing yourself about first time home buyer qualifications for mortgages means you’ll be prepared to finance your next home when the opportunity arises. There are many helpful loan programs that are specially designed to help Americans own their own homes:
First time home buyer qualifications are the qualifications you need to have to get any other home loan. If you’re applying for housing loans for first time buyers, you will need to show the following:
First Time Homebuyer Programs
Fortunately, there are a number of programs designed to help borrowers who meet first time home buyer qualifications. The Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA) help qualifying borrowers achieve their homeownership dreams hundreds of times each year through The Federal Savings Bank. Your state may have even more down payment assistance home buying programs– a loan officer can help you learn more about your specific options.
Optimizing the First Time Home Buyer Process with a Pre-Approval
You don’t need to wait until you’ve settled on your new home. Consider applying for your home loan early in the process. A pre-approval letter will help you get closed on your new home faster. This has the added perk of helping your bid stand out on a hot property. You are not obligated to lock in any interest rate to get a pre-approval letter- this happens only when you’re ready.
Whatever phase of the process you’re in, if you’re serious about buying your next home, we recommend a no-commitment consultation with a loan officer. Understanding all your financing options will help you make the most informed financial decision you can. A first-time homebuyer specialist at The Federal Savings Bank can help you identify state and federal programs that can help you save your money for things that matter. Call 877-788-3520 today to be matched with a loan officer who will have your back on your first home purchase.
Subject to credit approval. Terms and conditions may apply. Property insurance is required for all loans secured by property.