First Time Homebuyer Programs

Thursday January 25, 2018 by The Mettle Group


 

Let me guess, you’re reading this because you are intrigued by the idea of purchasing a home. However, you’re not sure exactly where to start. Don’t worry; you’re not alone, as many first-time homebuyers are intimidated by the process. After all, there are two things not taught in grade school: how to file taxes and how to buy a house. Therefore, it’s natural for us millennials to jump online to try and find out as much information as possible. Well, search no more! Let us make it simple for you as we guide you every step of the way to help you make the right decision for you and your family.

Before we get started, what is keeping you from purchasing at the moment? Is it that you don’t have a down payment? Is your credit score too low? Maybe it’s just “not the right time.” The majority would say it’s a combination of all three. On that note, are you aware of the following?

  1. You may be eligible for 100% financing options with a credit score as low as 620.*
  2. You may be able to purchase a home with a credit score as low as 580.
  3. Purchasing may be cheaper than renting.

With that in mind, let’s first tackle down payment as that is usually the biggest hurdle. All across the country there are down payment assistance programs offered by the state, county, or city in which you live. These programs will either offer a grant , or a second mortgage to cover the typical down payment and closing costs. There are usually purchase price limitations, along with maximum income limit thresholds. However, applying is easy, and approval turn times are typically less than a week. Also, aside from the local options, there are nationwide programs available like Chenoa. This program offers both an amortized — or forgivable — second mortgage. Therefore, with the forgivable second mortgage, if you live in the property for three years and make payments on time, Chenoa would no longer require you to repay the second mortgage!

Second, let’s discuss credit. Did you know that the credit score obtained from the lender on the first credit pull doesn’t have to be the credit score used for qualification? Lenders have the ability to  view your credit report and discuss what programs you may qualify for based on your current situation..

Third, let’s say you’re paying $1,000 a month in rent. That’s $12K a year that you will NEVER see again and $60K over 5 years. Now let’s compare that to buying a $200K house with a 3.5% down payment of $7K**. Your monthly payment, including property taxes and homeowners insurance, would be $935 a month, and in five years, you would have 18K in equity after paying down the principal balance. On top of that, the house would most likely appreciate in value by $15K. Now, instead of making your landlord wealthy, your $7K investment will have increased your net worth by $33K over the next 5 years.

So ask yourself this question: Do you want to throw away another $12K in rent in 2018, or do you want to take the next step in increasing your net worth by buying property instead? With property appreciation soaring year after year by 6.7% according to Corelogic, and rent prices continuing to increase on average by 4% each year, buying a home is something to consider.

We understand that the home loan process can seem a bit daunting — from applying to gathering the proper documentation to selecting the right loan option.

However, we keep the process simple by:

  • Providing application options — in person, over the phone, or securely online
  • Offering loan products that could meet your financial needs and goals
  • Helping you make informed decisions by educating you about your best loan options
  • Guiding you through the entire loan process from the application to closing and beyond

For more details, please contact:

Jordan Campagna
Loan Officer • NMLS# 1178630

Fairway Independent Mortgage Corporation
Office: 385-355-2136
Mobile: 801-633-0678
2063 E 3900 S

Salt Lake City, UT 84124

Or visit our website www.fairwayut.com

 

Lastly, we have discovered that Zillow, Trulia, and Realtor.com are not real estate companies and they do NOT have live access to the MLS (Multiple Listing Service) like Realtors do. We think this is unfair and puts clients at a distinct disadvantage.

We have overcome this challenge by providing our clients with a mobile app called HomeScout. This app has many of the same user-friendly mobile features, but unlike Zillow, has 100% live access to multiple listing services and allows clients to search for homes with the exact same power and information that Realtors do.

Why waste 47% of your time looking at homes on Zillow? We have found that up to 40% of their data is outdated and erroneous. Why let Zillow sell your private contact information to droves of agents and loan officers so they can prospect you endlessly? There is a better way to search for a home.

DOWNLOAD HOMESCOUT TODAY: https://homescout.homescouting.com/?TeamId=9120011&VipCodeId=73631

*Eligibility subject to program stipulations, qualifying factors, applicable income and debt-to-income (DTI) restrictions, and property limits. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. **This is a hypothetical scenario. These figures and rates are for educational purposes only and do not reflect an official mortgage loan offer. Copyright©2018 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender. Licensed by the Department of Business Oversight under the California Financing Law, Loans made or arranged pursuant to a California Financing Law License NMLS #2289 1178630, Georgia Residential Mortgage Licensee #21158,

 

This entry was posted in Financing, Homepage, Housing, Mortgage, Real Estate.
Copyright©2017 Fairway Independent Mortgage Corporation. NMLS#2289. 4801 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. Fairway is not affiliated with any government agencies. Fairway is required to disclose the following license information. Alaska Mortgage Lender License No. AK2289; Arizona Mortgage Banker License No. 0904162; CA: Licensed by the Department of Business Oversight under the Consumer Finance Lenders Law; Loans made or arranged pursuant to a California Finance Lenders Law License #262571; Illinois Residential Mortgage Licensee No. MB. 0005475; Kansas Licensed Mortgage Company. KS License #MC.0001375; MA Mortgage Broker and Lender License #MC2289"; Minnesota: MN-MO- MN-MO-20183136. This is not an offer to enter into an agreement. Any such offer may only be made in accordance with the requirements of Minn. Stat. Section 47.206 (3) and (4); Mississippi Licensed Mortgage Company; Licensed by the New Hampshire Banking Department Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker-NYS Department of Financial Services; OH MBA License #2289; Oregon Mortgage Lender License ML-3791; Rhode Island Licensed Broker & Lender; VA: NMLS ID # 2289; Washington Consumer Loan Company License No. CL-2289.
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