Your Guide to Stress-Free Home Buying
If you are considering buying a home education is the first place to start.
Be a Savvy Homebuyer™
Understanding The Homebuying Process
Buying a home doesn’t have to be complicated, frustrating, and scary. Our streamlined process has educated, empowered, and helped thousands of people to achieve their dream of owning a home.
Boost Your Home Buying Power
The only way to truly know your home buying power is by getting pre-approved by a mortgage expert. Over Buyer Power Approval™ will provide you with a clear understanding of your budget, what to expect for closing costs, how much you will need for a down payment and allow you to search for homes within your price range and saving you time and effort!
Even better… no credit required! Take our quick quiz to unlock your home buying power today!
Best Home Loans For First-Time Home Buyers
There are a number of things to consider when choosing the best home loan for your purchase like your credit score, down payment, debt to income ratio, and desire length of the loan. It is important to explore all your options with a Savvy Mortgage Expert to learn about the pros and cons of each loan type that you are elgible for! Compare home financing options:
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Local Savvy Homebuyer™ Expert
- Fully vetted real estate professionals
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First-Time Home Buyer Benefits
As a first-time buyer, you have access to federally backed loans, low down payment options, down payment assistance, first-time homebuyer credits, and even tax breaks. The problem is that most first-time homebuyers don’t know about these options! You don’t need a 20% down payment, but you will need to be educated about the programs designed to make your goal of buying a home easier. Loans for first-time homebuyers.
First-Time Homebuyer Qualifications
The U.S. Department of Housing and Urban Development (HUD) provides a broad definition that includes:
- An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).
- A single parent who has only owned with a former spouse while married.
- An individual who is a displaced homemaker and has only owned with a spouse.
- An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- An individual who has only owned a property that was not in compliance with state, local, or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
Common Questions from First-Time Homebuyers
“How much can I afford?”
Use our Savvy Mortgage Calculator to find an affordable monthly payment.
“How do I get a mortgage prequalification letter?”
Complete our quick Buyer Power Approval™ to receive your pre-qualification letter today!
“How much do I need to save for a downpayment?”
Above all your downpayment depends on your personal financial situation, the home loans you have access to, and the area that you are looking to buy. Explore different home loan types and their downpayment requirements here.
“What types of mortgage loans are available to me as a first-time homebuyer?”
First-Time Homebuyers have more lending options than most, including FHA, VA, Conventional, USDA, and Jumbo Loans. There are a number of things to consider when choosing the right loan for you.
“How do I find the right real estate agent near me?”
It is not difficult to find a real estate agent but finding the right one?
“What happens when I get an offer accepted on a home?”
It’s important to understand timelines, appraisals, inspections, and what to expect when your loan is being underwritten.
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