Have questions about First Time Home Buyer in Ellicott City, Maryland? Our experts are ready to help you to answer all of your questions about First Time Home Buyer in Ellicott City.
Ellicott City First Time Home Buyer (Call +1-800-826-5077)
Explore First Time Home Buyer guidelines in United States
First time home buyers usually use a FHA loan to purchase their home. For those homeowners who are facing some financial difficulties this is the best program that can be used for loan modification. Buying a home will be, for most people, the biggest financial investment of ones life. Being that 99% of us cannot afford to buy a home outright, we will need to take out a home mortgage loan from a bank or other financial lending institution.
First Time Home Buyer:
• Credit Score and History- Lenders need to check your Credit Score before coming to a decision for your First Time Home Buyer requirements. Have a FICO score of 500 to 579 with 10 percent down, or a FICO score of 580 or higher with 3.5 percent down.
• Financial Statement- You will also be required to hand in a financial statement which includes your current financial situation. This statement helps the process a bit easier for the lender. It makes it easier and faster for the lender to modify your current loan by using the FHA loan modification program.
• Income- Lenders will see your income while processing your application. Have verifiable employment history for the last two years.
• Debt-to-income Ratio- Your debt-to-income ratio (DTI) compares how much you owe each month to how much you earn.
Drawback of FHA Loan
A major drawback of FHA loans is the high cost of FHA mortgage insurance, which must be paid for the life of the loan if you make the minimum 3.5% down payment.
Benefits of discussing your First Time Home Buyer questions in Ellicott City from us:
• Solid reputation and experience of nearly two and half decades make us the first choice for the First Time Home Buyer in Ellicott City
• From the initial application to final funding, we are with you all along the way in your First Time Home Buyer requirements in Ellicott City
• We are serving all of the towns and zipcodes in Ellicott City
• We can lend upto 90% of purchase and 100% of rehab as well as flexible with the credit score for First Time Home Buyer in Ellicott City