First-Time Homebuyer: How to get a Loan

You’re finally ready for the freedom a home provides — the extra space, the privacy, a backyard for your dogs to romp around in. Becoming a first-time homebuyer is so exhilarating, but before you get to enjoy the thrills of homeownership, you have to secure your first home loan. Here are some simple steps to help you accomplish your goal.

Becoming a homeowner is one of the largest financial investments you’ll ever make, so you’ll want to be well-prepared. You’ll want to know your credit score, budget, debt-to-income ratio and what your monthly expenses are. You can even use our Mortgage Payment Calculator to run the numbers on what your monthly mortgage payment could look like.

Once you’ve gathered the necessary information, it will be time to get prequalified* for a home loan. By prequalifying:

  • You’ll save time by only looking at houses within your price range
  • You can make an offer on the same day you find the perfect home
  • The seller can expect fewer delays, making your offer more attractive, and they’ll likely prefer your offer over a buyer who is not prequalified, giving you negotiating power
  • A real estate agent will move quicker knowing you’re prequalified and ready to buy

You’ve found your dream home and the seller accepts your offer. Then what? You can apply for your loan online, in person or by phone at PrimeLending. We’ll guide you through our streamlined and hassle-free home loan process to find you the perfect loan for your situation, answer any questions and provide timely communication and results so you can get in your new home as quick as possible.

Popular loan options for first-time homebuyers:

FHA – An FHA (Federal Housing Administration) home loan is backed by the government and offers lower down payment options, flexible income and credit requirements and low closing costs to help first-time homebuyers, seniors and others with financial limitations.

VA – If you’re a qualified veteran or family member, VA loans offer benefits such as no down payment, no private mortgage insurance (PMI), possible VA assistance, higher loan value and much more, as VA loans are backs by the U.S. Department of Veterans Affairs.

USDA – A USDA Rural Development Guaranteed Housing Loan Program loan is guaranteed by the U.S. Department of Agriculture and offers financial assistance to people wanting a home away from the city. A USDA loan offers no down payment, low interest rates, low PMI payment and flexible credit qualifications.

After you apply for your home loan, we’ll get your property appraised to determine its value, review all documents before locking your interest rate, schedule your closing and before you know it, sign and close on your beautiful new home.

The entire process typically takes less than 30 days. While it may seem like a daunting task in the beginning, a PrimeLending Loan Officer will guide you through every seamless and simple step. Our process really is all about you, and we’ll do whatever we can to ensure your experience is stress-free and hassle-free.

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