Opening Doors for First-Time Homebuyers

Fact
Your monthly rent payments add up over the years, helping your landlord. But what about you? Rent prices can rise and be unpredictable, but with options like a fixed-rate mortgage, you’ll know your payments over the life of the loan. And you’ll build equity, so you can access those funds in the future (it’s your money!) to make home improvements, pay for college, buy a new car, and more. Plus, owning your home means you can do things your way, not your landlord’s way.

Fact
Mortgage rates will always rise and fall, but you don’t have to take them at face value. There are several ways to offset rates, from paying lower rates upfront, refinancing later, or using buydowns to keep costs down

Fact
Not all debt is bad. What matters more to lenders is your debt-to-income ratio. A debt-to-income ratio of 43% or less is preferable, while some programs will allow you to go as high as 50%. This means that you can have some debt and still be eligible to buy a home. 

Fact
You don’t need a perfect credit score, but you do need to show a history of responsible borrowing to your lender. There are several things you can do that will raise your rating, including: pay your bills on time, reduce your credit balances, don’t apply for credit often, and establish a credit history.

Fact
You can buy a house with little or no cash, turning years from now into today. We offer a variety of low – and no – down payment loans and a wide range of down payment assistance programs (DPA) for conventional and FHA loans.