First-Time Homebuyers

Unlock the Door to Your First Home!

Our First-Time Homebuyer Program is designed to make homeownership accessible and affordable for all first-time buyers.

Frequently Asked Questions

How are Mortgage Pre-Approvals and Mortgage Pre-qualifications different?

• Pre-approvals are authorized mortgage decisions that tell a home buyer how much home they’re permitted to purchase and for which mortgage rates and programs the buyers qualify. Pre-approvals use verified credit scores, income and asset information, and employment history. They’re a reliable, accurate tool to help you buy your home.
• Pre-qualifications estimate how much home you can buy based on self-assessment and self-reporting.

Is it better to buy or rent?

Each person’s needs differ but a home is an investment.  The benefits of buying a home are:

• You start to build equity for future needs.
• There can be tax benefits when owning a home.
• Having a home provides stability and eliminates the risk of increasing rental expense.

What costs can I expect to pay at closing?

• Appraisal
• Credit Bureau Fee
• Employment Verification Fee
• Attorney Fee
• Title Search and Filing Fees
• Title Insurance
• Tax Escrow Deposits – if you are required or elect to escrow for property taxes.
• Homeowners Insurance Deposits – if you are required to escrow for insurance.
• Tax Monitoring Fee
• Transfer Tax
• Flood Certificate
• Manufactured home engineering certificate if a manufactured home

Do I have enough for a down-payment?

The down-payment depends on the type of loan you are obtaining and type of home you are purchasing.  There are many federal grant programs that allow borrowers to put down 0%.  Conventional first time homebuyer programs usually require as little as 3-5% down.

Questions?

>To have a conversation or begin the loan process today, contact Ed Bidlack or stop by any one of our convenient financial centers.