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Mitchellville 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 Mitchellville from us:
• Solid reputation and experience of nearly two and half decades make us the first choice for the First Time Home Buyer in Mitchellville
• From the initial application to final funding, we are with you all along the way in your First Time Home Buyer requirements in Mitchellville
• We are serving all of the towns and zipcodes in Mitchellville
• 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 Mitchellville