Customized, Affordable Loans for First-Time Homebuyers
Buying your first home is exciting, but it can also be overwhelming. In between deciding the size of the home you want and the best neighborhoods to live in, you also have to think about how much house you can afford.
The best thing you can do as a first-time homebuyer is to have a trusted network of professionals ready to help you through the process. We’ve helped first-time homebuyers find the best loan options for over 20 years!
Get started on your journey to home ownership.
Contact us today!
First-Time Homebuyer Loan Options
Here at Bayshore Mortgage Funding, we’ve helped countless first-time homebuyers take the leap into home ownership. There are a lot of different programs first-time buyers can qualify for at local, state, and national levels.
Our loan officers will determine which programs you qualify for and let you know what your first-time homebuyer loan options are. This includes down payment assistance programs that can help give you the upfront cash you need to purchase your first home.
First-Time Home Buyer Checklist
When you’re going through the process of getting pre-approved for and obtaining a mortgage, you’ll need quite a bit of paperwork. To give you a head start, we put together this checklist.
We do want to make note that you might not be asked for all of the documents below. However, gathering as much as you can about your banking, credit, and work history is always a must.
Basic Information:
- Your name, date of birth, social security number, phone number, email address, and mailing address
- Gross income levels, including any freelance work or income from second jobs
- Name, address, and phone numbers of your employers over the last two years
- The value of all of your bank accounts, including savings, investment, and retirement accounts
- A list of your current expenses, including rent, credit card payments, car payments, child support, or any other bills
- Copies of your driver’s license and social security card
Documents:
- Pay stubs for the last month
- W-2s for the last two years
- 1040s (federal tax returns) for the last two years
- Source of funds if you have any large cash deposits that didn’t come from your regular paycheck. This includes cash for selling a car, gifts from friends or family, or even depositing cash you had tucked under your mattress
Credit:
If you aren’t sure what your credit score is, now is the time to check! You can usually access a free credit report through your banking institution. You’ll also need:
- Credit explanation letter if you have derogatory marks on your credit history such as late payments, judgments, or collections
- Bankruptcy/discharge papers for any bankruptcies on your credit report
- Payment history for utilities, phone bills, internet bills, car insurance, or other expenses to show your on-time payments
- Judicial decree or court order if you have financial obligations due to legal actions, including child support, lawsuits, or alimony payments
If You’re Self-Employed:
- Federal tax returns (both personal and business) for the last three years
- Profit and loss statements
- List of business debts
Are You Ready to Become a First-Time Homebuyer?
Buying your first home is one of the most important life decisions you could make! We aim to make the mortgage process simple, easy, and ensure you get into an affordable home.
Contact us today to get started!
First-Time Homebuyers FAQs
A: There are a ton of different loan options when it comes to mortgages. From adjustable-rate to fixed-rate and even FHA vs conventional loans, there’s a lot to consider.
The good news? Your loan officer will show you the mortgages that give you the best rates and lowest monthly payments. We’re here to be your advocate and guide you through a complicated and stressful process with ease.
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A: Yes. If your credit isn’t great, there are still some mortgage options for you. Plenty of federal mortgage programs have options for buyers who have bad credit. Our team of loan officers will help determine which programs you qualify for!
A: The answer really depends on how much you’re looking to put down and the purchase price of the homes you’re looking at.
While you might think you need 20% down for a house, you actually don’t! The down payment you’ll need depends on the type of loan you’re getting. Some require as little as 3-5% down, so you don’t have to have as much cash as you thought.
That said, it’s best to save up as much as you can so you can comfortably afford the down payment and closing costs, but still have savings left over for an emergency fund.
A: There’s a lot to do to prepare to buy your first home. Here’s a good place to start:
- Start saving money as soon as you can. You’ll need money to pay for your down payment and closing costs, and ideally have enough left to still pad your savings account for emergencies or unplanned home renovations.
- Check your credit score. Your credit score is one of the most important determining factors when it comes to getting approved for a mortgage. Make sure you know what your credit score is and improve it as much as possible. Most banks let you check your credit score for free. Otherwise, you can use free credit score tools.
Know how much home you can afford. While rates will always vary, you can use a basic calculator that uses your income, debts, and savings to help you determine how much house you can afford. Contact our team of professionals who will run the numbers for you.
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