{"id":6419,"date":"2017-07-05T17:11:10","date_gmt":"2017-07-05T21:11:10","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=6419"},"modified":"2020-07-13T22:29:01","modified_gmt":"2020-07-13T22:29:01","slug":"first-time-home-buyer-loan","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/first-time-home-buyer-loan\/","title":{"rendered":"Why a First Time Home Buyer Should Avoid an Online Mortgage Lender Process"},"content":{"rendered":"<p>Are you currently living with family, staying with friends, or renting an <a href=\"https:\/\/www.yelp.com\/search?find_desc=apartments&amp;find_loc=raleigh+nc&amp;ns=1\">apartment<\/a> or <a href=\"http:\/\/www.realtor.com\/\">home<\/a>?\u00a0 Are you like many that want to achieve the dream of homeownership for the first time?\u00a0 This is a huge step and it should not be taken lightly.\u00a0 Even though\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/Millennials\">Millennials<\/a> and others may prefer\u00a0to text or message everything today,\u00a0don&#8217;t do an exclusive\u00a0online mortgage!\u00a0 So why not an online\u00a0lender and do the whole process electronically?\u00a0 Because a first time home buyer loan process should start off with thorough conversations and ask detailed questions with an experienced loan officer.<\/p>\n<p>These up-front, detailed\u00a0conversations about goals, qualification, and products\u00a0are key.\u00a0 Just think, this is probably\u00a0the buyer&#8217;s biggest financial decision up to this point.\u00a0 When the whole process is done electronically and not actually discussed, there is too much left up to the first time buyer to figure out.\u00a0 I will even throw out that being a top level mortgage loan officer is an extremely\u00a0difficult job.\u00a0 There are so many programs and guidelines to understand.\u00a0 So why should a first time buyer try to figure it all out on their own without detailed conversations plus Q&amp;A&#8217;s?\u00a0 Let&#8217;s explore the make up of these detailed and informative conversations.<\/p>\n<h1><strong>First Time Home Buyer Loan Conversation Topics<\/strong><\/h1>\n<p>So once the decision has been made by a first time home buyer to make the call, what\u00a0topics are discussed?\u00a0 Here are a few of the more popular areas discussed in the initial application discussion.\u00a0 Actual conversations vary based on each buyer&#8217;s scenario.<\/p>\n<h2><strong>First Time Home Buyer Goals<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-6441\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2017\/07\/AdobeStock_81124304-300x207.jpeg\" alt=\"first time home buyer loan\" width=\"300\" height=\"207\" \/><\/strong><\/h2>\n<p>Of course to start the conversation of buying a home, we are going to want to learn about a buyer&#8217;s goals.\u00a0 Typical goals mentioned by buyers\u00a0include the following.<\/p>\n<ul>\n<li>Low Payments<\/li>\n<li>Down Payment<\/li>\n<li>Fixed or Adjustable Rates<\/li>\n<li>Price Range<\/li>\n<\/ul>\n<p>Obviously, everyone wants a low payment on their mortgage.\u00a0 Most think the only thing that lowers a payment is the lowest rate.\u00a0 A <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/03\/13\/mortgage-rates-trend\/\">low rate <\/a>is very important.\u00a0 But, there are other important factors which could keep a payment lower.\u00a0 Although it is a temporary reduction in payment, an adjustable rate mortgage (ARM) is an option.\u00a0 An ARM will make a payment lower in the first few years and then it can adjust as the market and loan terms dictate.\u00a0 This could be risky for a first time buyer though.\u00a0 As payments increase, it could strain a family&#8217;s budget.\u00a0 So it is important to think it through when considering an ARM.<\/p>\n<p>A larger down payment could lower a mortgage payment as you&#8217;re not borrowing as much money.\u00a0 Although, typically a first time home buyer is looking for as little down as possible.\u00a0 With a low to no down payment loan, it allows a buyer not to have to wait so long to be a homeowner.\u00a0 Additionally, there are many times where a USDA or VA monthly payment that has no money down is not much more than a 5% down conventional payment.\u00a0 The reason being that USDA PMI is so low and VA does not\u00a0even require\u00a0monthly PMI.<\/p>\n<p>Then, of course, a buyer should know the qualifying price range as well as an amount the buyer is comfortable with.\u00a0 Just because a borrower qualifies for a certain amount, doesn&#8217;t mean that the buyer should go to their max.\u00a0 That is where knowing the payment and down payment up-front really helps a buyer make quality decisions too.<\/p>\n<h3 style=\"text-align: center;\"><a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/06\/12\/fannie-mae-loosens-guidelines\/\"><strong>Fannie Mae Loosens Guidelines to Help More Buyers<\/strong><\/a><\/h3>\n<h3><strong>First Time Home Buyer Loan Qualification<\/strong><\/h3>\n<p>Being a first time home buyer usually means learning mortgage terms and qualification requirements for the first time.\u00a0 The typical discussion includes the following terms.<\/p>\n<ul>\n<li>Credit Reports and Scores<\/li>\n<li>Housing History<\/li>\n<li>Employment History<\/li>\n<li>Amount &amp; Source of Down Payment<\/li>\n<li>Hurdles (student loan debt)<\/li>\n<\/ul>\n<p>First of all, everyone should understand their real credit scores and <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/06\/09\/mortgage-credit-score\/\">how credit scoring works<\/a>.\u00a0 So definitely read the<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-6446\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2017\/07\/first-time-buyers-family-250-size-300x199.jpg\" alt=\"first time home buyer loan\" width=\"300\" height=\"199\" \/> articles on this site which explain the <a href=\"http:\/\/teammovemortgage.com\/?s=credit+scores\">ins and outs of credit<\/a>.\u00a0 Next, a <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/08\/15\/rent-tips-first-time-buyers\/\">prior rent history<\/a> is one of the predictors for how a buyer will pay a mortgage history.\u00a0 A well paid rent payment shows the ability to make a future housing payment.\u00a0 Although a rent history does help,\u00a0<a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/02\/16\/rent-free-mortgages-options\/\">rent is\u00a0not always required for mortgage approval<\/a>.\u00a0 Then, employment history, type of pay, and amount of pay compared to debts is key.\u00a0 Typically lenders look for 2 years of stable employment history, but again this is not always necessary.\u00a0 For instance, starting a job right out of college or being on a <a href=\"http:\/\/teammovemortgage.com\/blog\/2016\/05\/03\/commission-income\/\">commission job<\/a> for as little as a year could work.<\/p>\n<p>One of the first questions asked of a buyer will be &#8220;what is the maximum down payment you could provide?\u00a0 Plus, in a perfect situation, what is the amount you prefer to put down?&#8221;.\u00a0 These answers will help determine the best mortgage product for the buyer.\u00a0 For instance, a buyer may have 5% to put down but a USDA no money down makes a lot of sense.\u00a0 So the buyer could keep those funds for cash reserves and rainy day fund.<\/p>\n<p>So what if the buyer is providing a down payment or paying the costs at closing?\u00a0 The source of funds is important.\u00a0 For instance, <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/06\/16\/cash-deposits-mortgages\/\">do not deposit cash<\/a> just before buying as it cannot be used.\u00a0 Also, if using a gift for down payment, there are guidelines for how this must be done and it varies based on loan type.\u00a0 As always, this is why it is best to have a thorough discussion with an expert loan officer.\u00a0 Don&#8217;t try to figure it out yourself or get the wrong advice.<\/p>\n<p>Finally, one of the most popular potential issues with millennial and even older buyers is <a href=\"https:\/\/www.navient.com\/\">student loan debt<\/a>.\u00a0 First of all, the sheer amount of debt owed can cause issues for buyers.\u00a0 Luckily several mortgage programs have started relaxing how student loans that are in <a href=\"http:\/\/teammovemortgage.com\/?s=income+based+repayment\">income based repayment are counted<\/a>.\u00a0 We receive phone calls and emails from even lenders across the country asking for advice on handling student debt.\u00a0 So our level of experience can often find solutions for buyers straddled with <a href=\"https:\/\/www.salliemae.com\/\">student loans<\/a>.<\/p>\n<p>[av_button_big label=&#8217;How to Get Into Real Estate Investing and Build Wealth&#8217; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/blog\/2017\/04\/01\/how-to-get-into-real-estate\/&#8217; link_target=&#8217;_blank&#8217; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;]<br \/>\nAn informative article for first time buyers<br \/>\n[\/av_button_big]<\/p>\n<h2>First Time Buyer Home Loan Options<\/h2>\n<p>After discussing goals and qualification, next comes the first time home buyer loan programs available.\u00a0 Although most of these products are not exclusively for first timers, they work very well for them.\u00a0 Typical first time mortgage loans include these features.<\/p>\n<ul>\n<li>No Money Down<\/li>\n<li>Gift Funds Allowed<\/li>\n<li>Down Payment Assistance<\/li>\n<li>Low Money Down<\/li>\n<\/ul>\n<h2>No Money Down First Time Home Buyer Loan<\/h2>\n<p>It is so surprising that still many think a sizable down payment is required to buy a home.\u00a0 But this is so far from the truth and even first time buyers can obtain a no money down loan.<\/p>\n<p><a href=\"http:\/\/teammovemortgage.com\/va-loan\/\">VA home loans <\/a>offer active service members, Veterans, or qualified surviving spouses a\u00a0no money down option for a first time use.\u00a0 Besides this feature, <a href=\"https:\/\/www.va.gov\/\">VA <\/a>does not require monthly PMI to be added to the mortgage payment.\u00a0 That means a lower payment than <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/05\/22\/what-is-pmi-insurance\/\">traditional low down payment loans that have PMI<\/a>.\u00a0 Additional VA benefits include flexible credit qualifications, <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/02\/02\/student-loan-debt-va-loans\/\">lenient student loan guidelines<\/a>, and even allows for a <a href=\"http:\/\/teammovemortgage.com\/blog\/2016\/05\/11\/debts-being-paid-off-at-closing-on-a-va-home-loan\/\">seller to pay off buyer debt at closing<\/a>.\u00a0 <a href=\"http:\/\/teammovemortgage.com\/category\/va-loans\/\">Learn more about VA loans here<\/a>.<\/p>\n<p><a href=\"https:\/\/www.rd.usda.gov\/\">USDA Rural Development Guaranteed Loans <\/a>offer 100% financing along with a fixed 30 year term.\u00a0 This gives a first time buyer the confidence in having a stable loan without a down payment.\u00a0 Although USDA requires borrower and <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/05\/24\/usda-property-eligibility\/\">property\u00a0eligibility<\/a>, it is very flexible.\u00a0 For instance, the <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/05\/30\/usda-income-limits\/\">household income maximum limits <\/a>are very liberal.\u00a0 Plus, most of the U.S. is USDA eligible.\u00a0 The only exceptions are in and around large populated cities.\u00a0 In addition to financing the entire purchase price, USDA allows the <a href=\"http:\/\/teammovemortgage.com\/blog\/2014\/09\/21\/seller-paid-costs-limits\/\">seller to pay up to 6% of the purchase price in buyer costs<\/a>.\u00a0 This could make the purchase a true no money out of pocket, first time home buyer loan.\u00a0 <a href=\"http:\/\/teammovemortgage.com\/category\/usda\/\">Learn more about USDA benefits here<\/a>.<\/p>\n<p>[av_button_big label=&#8217;There are a Million Reasons Not to Buy a First Home, But They are Wrong!&#8217; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/blog\/2015\/11\/07\/there-are-a-million-reasons-not-to-buy-a-first-home-but-they-are-wrong\/&#8217; link_target=&#8217;_blank&#8217; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;]<br \/>\n7 statistics and solutions about first time buyers<br \/>\n[\/av_button_big]<\/p>\n<h2>First Time Home Buyer Loan Allow Gift Funds<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-6447\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2017\/07\/mortgage-rates-picture-Copy-Copy-300x192.jpg\" alt=\"first time home buyer loan faqs\" width=\"300\" height=\"192\" \/><\/h2>\n<p>Flexibility is usually key\u00a0on a\u00a0first time home buyer loan.\u00a0 Whether it is because of new or bruised credit, new employment, or down payment sources.\u00a0 First time buyers may not have saved enough money for a down payment at this point in their lives.\u00a0 But a\u00a0common solution for obtaining down payment is a gift from a qualifying donor.\u00a0 Depending on the loan type, the gift could come from family, fianc\u00e9, employer, or more.\u00a0 These funds if documented correctly and not borrowed can be the final piece of the puzzle to get into that first home.\u00a0 Gift funds must be documented correctly so make sure to discuss this process thoroughly.\u00a0 It is even possible to buy from a family member and the seller could <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/02\/07\/gift-of-equity-family\/\">gift equity as down payment<\/a>!\u00a0 Also check out <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/03\/21\/gift-funds-fha\/\">another article that details gift funds<\/a>.<\/p>\n<h2>Down Payment Assistance First Time Home Buyer Loan<\/h2>\n<p>So what if a first time buyer qualification isn&#8217;t a Veteran, qualifies for <a href=\"http:\/\/teammovemortgage.com\/usda\/\">USDA<\/a>, or has 3 or 5% down?\u00a0 This is where down payment assistance comes into play.\u00a0 Down payment assistance bridges the gap between the purchase price and loan amount.\u00a0 These programs offer a no to low interest rate loan that may be used towards a buyer&#8217;s down payment or closing costs.\u00a0 Examples include the <a href=\"http:\/\/teammovemortgage.com\/down-payment-assistance-nc-sc\/\">NC Housing Finance Agency <\/a>or <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/06\/22\/down-payment-assistance-sc\/\">SC Housing<\/a>.\u00a0 These agencies provide assistance to buyers within their respective states.<\/p>\n<h2>Low Money Down First Time Home Buyer Loan Options<\/h2>\n<p>In addition to the options above, there are low down payment loans that could be as low as 3 &#8211; 5% of the price.\u00a0 Conventional loans allow for as low as 3% down including the <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/04\/06\/homeready\/\">Fannie Mae HomeReady <\/a>loan.\u00a0 The HomeReady loan offers lower PMI than traditional 97% loans, which could make a payment more affordable.\u00a0 Fannie Mae or Freddie Mac conventional loans will allow for the whole down payment to be a gift too.\u00a0 Also <a href=\"http:\/\/teammovemortgage.com\/fha\/\">FHA loans<\/a> are very popular with first time buyers because of its flexibility and affordability.\u00a0 FHA benefits include gift funds for down payment, higher debt ratios allowed, no income limits like USDA, <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/06\/16\/fha-loans-low-credit-scores\/\">lower credit scores<\/a>, co borrowers that don&#8217;t have to live in the home, and more.\u00a0 Hopefully by now you can tell that there are a lot of options for today&#8217;s first time home buyer.<\/p>\n<p>[av_button_big label=&#8217;What If You Are Not Ready to Buy?&#8217; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/blog\/2015\/07\/25\/mortgage-approval-credit-requirements\/&#8217; link_target=&#8217;_blank&#8217; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;]<br \/>\nCheck out &#8220;I want to buy a home in a year or less&#8221; that details the steps to become a homebuyer<br \/>\n[\/av_button_big]<\/p>\n<p>For such a big step, make sure that you have these thorough conversations.\u00a0 Even if it is out of your comfort zone, it is paramount.\u00a0 Remember there are no bad questions.\u00a0 So make this first step and give one of our loan officers a call.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you currently living with family, staying with friends, or renting an apartment or home?\u00a0 Are you like many that want to achieve the dream of homeownership for the first time?\u00a0 This is a huge step and it should not be taken lightly.\u00a0 Even though\u00a0Millennials and others may prefer\u00a0to text or message everything today,\u00a0don&#8217;t do [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8832,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,33,40],"tags":[1024,1031,1025,1026,1028,1032,1033],"class_list":["post-6419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-frequently-asked-questions","category-tips","tag-first-time-buyer","tag-first-time-buyer-home-loan","tag-first-time-buyer-tips","tag-first-time-home-buyer","tag-first-time-home-buyer-loan","tag-first-time-home-buyer-loans","tag-no-down-payment-loans"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First Time Home Buyer Loan Should Not Be an Online Mortgage Application<\/title>\n<meta name=\"description\" content=\"A first time home buyer loan is a huge financial 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