Mortgage Solutions for First-Time Home Buyers

Becoming a homeowner is a remarkable accomplishment. However, you might encounter some challenges along your home buying journey. Knowing how to prepare helps first-time home buyers avoid a variety of hurdles.

Buying a Home

There are fairly standard methods toward purchasing a home.
Either, you make a full cash offer or your sales contract will reflect you’re intention to obtain a mortgage loan.
So, if you’re applying for a mortgage loan to purchase a home, there’re some items that your lender will need to determine your qualifications.
You’ll need items, such as recent paystubs, W-2 forms and several bank statements.
Your prompt submission of lender-requested items can reduce the time that it will take to close your home loan.

Mortgage Solutions for Low Credit Scores

Get a copy of your credit report.

Look for errors, such as unauthorized credit inquiries, incorrect payment details, and accounts or collections that you don’t recognize.

You should dispute inaccurate information that appears on your credit report.

Since lenders use Experian, Equifax and TransUnion, it’s wise to order your credit report from each of the respective bureaus.

You can request a free copy of your credit report via the Annual Credit Report website.

While many lenders may advertise home loans for borrowers with credit scores that range from 600 to 700 points, mortgage solutions are available for people with credit scores as low as 550 points.

A licensed mortgage broker has many resources to potentially help a borrower finance the cost of a home with a credit score as low as 500 points.
First-time home buyers can get lots of time-saving tips from an experienced lending professional.

Financing the Purchase of Your Home

You’re finally ready to buy a great starter home.

As a first-time home buyer, the thought of having perfect credit or a down payment of 20% or greater might have delayed your search.

Attractive ways to finance a home through conventional, government-backed and alternative lending sources are ideal for first-time home buyers.
Some programs require a down payment that’s as low as 3% of the purchase price.

However, your overall debt-to-income ratio, credit score and your financial reserves will determine the most favorable mortgage solution for your situation.
A knowledgeable loan officer can help you determine your home buying power.

Understanding how much you can afford for a home will provide a clear starting point for you and your real estate agent.

If you have questions about financing a home, we offer an abundance of helpful tips and strategies for first-time home buyers in Arizona, Indianapolis and Michigan.

Contact ASJ Mortgage Solutions today for more details.

Questions? Contact ASJ Mortgage Solutions Today!
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    ASJ Mortgage Solutions

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    Peoria, Arizona 85382
    (480) 422-4380
    NMLS# 1909669

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