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:
What Are The First Time Homebuyer Qualifications?
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:
- A good credit score, which demonstrates your ability to repay the loan.
- Bank statements,
- 401(k) statements, or
- Similar documents to show you have sufficient assets to cover appraisal fees and other closing costs.
- Other documents may be requested depending on your situation.
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.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to you individual situation.
