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First Time Home Buyers

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First Time Home Buyers

Are you one of the 43% of American home buyers this year, who are taking the leap, and applying for a mortgage to purchase your first time home? Are you searching the market for the “elusive” first time home buyer’s benefits? 

You can search the internet and find multiple quotes for how to save money as a first time home buyer. You will discover ways to save money here and there, but after a while it becomes incredibly challenging to know what is the best route to follow.

Do not despair! RealFi’s “FIRST TIME HOME BUYERS PROGRAM” will help! – Read on to find out how.

Do You Qualify for First Time Home Buyers Benefits?

According to the U.S. Department of Housing and Urban Development, if you meet any one of the following criteria, you are considered a first time home buyer:

  • You have not owned a principal residence in the previous three years prior to the purchase date.
  • You owned a residence that did not comply with local or state building codes and are unable to bring the residence up to code.
  • You are a single parent or homemaker who only owned a residence with a spouse prior to the dissolution of the marriage.
  • You only owned a home that was not affixed to a permanent foundation.
  • You don’t own any other home than the one you plan to live in.

If you qualify as a first time home buyer, we consider you championship material and we are here for you.

We Are Ready To Help
Our Mortgage Professionals Provide One on One Service

You Are RealFi’s Champion

As a FIRST TIME HOME BUYER, you should know that there are multiple hidden costs associated with closing on your home..

These include the following:

  • Title search
  • Lender’s title insurance
  • Home inspection
  • Survey
  • Attorney, closing and settlement fees
  • Escrow fees

As a RealFi Champion, taking the leap into home ownership, our FIRST TIME HOME BUYERS PROGRAM can take care of all bank closing costs. That’s a big help for you and involves thousands of dollars of savings!

We also can take care of application fees, processing fees, and underwriting fees among other banking charges. Working with one of our expert RealFi Champion Loan Officers, you can save more than $100,000 over the 30-year amortization of your home!

We are among the top mortgage bankers in the United States. We didn’t say that, Mortgage Executive Magazine said that – five times!

We have been rated as high performing during periods of uncertainty. You know you can trust us to deliver, because we value our top-notch reputation!

  • Our Quick Underwriting Process
  • Always Competitive Rates
  • Customized, Personalized Lending

We always keep up with all federal housing resources, policies, and flexibility necessary to help you. Recently, the Downpayment Toward Equity Act was proposed to Congress. This act would make up to $25,000 available to first time home buyers. We’ll help you obtain this once it’s passed into law!

We are dedicated to making the process of obtaining a mortgage for a first time home quick and painless because we value our reputation and we want you to go from renting or co-habiting to being a satisfied home owner as speedily as possible.

 

 

 

Our First Time Home Buyers Program

There are many options our expert Champion Loan Officer will explore for you. We will tailor an individual program specifically for you and your family’s needs.

The good news is that your income does not affect your first time home buyer’s status. Specialty mortgage qualifications depend on where you live and the size of your family.

Here are some benefits of working with one of our RealFi mortgage specialists:

There Is No Minimum Credit Score Required 

You have struggled with debt in the past and no other company will consider you for a mortgage because of your past credit rating.

You feel like you’re doomed to rent forever because of past difficulties and choices. We have good news for you.

RealFi does not set a minimum credit score. We work with you to analyze your ability to repay your debt based on your current financial status.

Perhaps you have a new job. Maybe you just finished paying off a student loan. There are many reasons why your rating will change in the future. We help you access a mortgage now.

Bankruptcy Is Not a Barrier

Maybe you lost your business because of circumstances outside of your control and had to declare bankruptcy. A Chapter 7 bankruptcy that was discharged more than two years ago will not prevent you from being eligible for a mortgage.

Perhaps you had expectations for a better income and made some purchases based on this expectation. Unfortunately, with the current conditions, your expectations were not realized. With RealFi, a Chapter 13 bankruptcy is allowed with a minimum of one year of on-time plan repayment and trustee approval.

A Non-Occupying Co-Signer Is Permitted

Should you have a relative who does not live with you but is willing to co-sign the mortgage, this is perfectly fine. Your relative’s income and assets will be used to determine your eligibility for a mortgage.

Minimal Money Required at Start-Up

We have access to several down payment assistance programs, which means you may not even have to pay money out of your own reserves! We can check your eligibility for several different programs.

Of course, having reserves of your own can strengthen your credit profile.

Specialty Mortgages We Can Help You With

Working with a RealFi Mortgage Specialist will assess your eligibility for a variety of loans. We will also help you apply for a loan with one of these programs.

Veterans Affairs Home Loans

If you are on active duty, if you are a veteran, or if you are a surviving spouse, Veterans Affairs will help you become a homeowner. They will facilitate obtaining a home with no money down or will help you build, improve, or refinance a home.

You do need to have the income and credit to pay for your home, but they will guarantee a portion of the loan, enabling the lender to provide you with more favorable terms.

USDA Loans

USDA loans are zero-down-payment, low interest rate mortgages guaranteed by the United States Department of Agriculture. The USDA will help very low-income to median-income earners become homeowners in a rural area.

For this type of loan, your credit score can be quite low. The home must also be your primary residence. You must also have a reliable source of income to be approved for a USDA loan.

Homebuyer Assistance Programs

If you are a low-income borrower, you can apply for a HomeReady mortgage. HomeReady is a program sponsored by Fannie Mae (the Federal National Mortgage Association or FNMA).

It requires a down payment of as little as 3%, though you must have a credit score of more than 620 to be eligible. Your income must be 80% or less of the area median income. HomeReady also offers mortgage insurance coverage.

Very low to moderate income borrowers can also apply for a Home Possible mortgage sponsored by Freddie Mac (the Federal Home Loan Mortgage Corporation or FHLMC).

It also requires a down payment of no more than 3% and you don’t need a credit score to apply for this loan. You must earn no more than 100% of the area median income and you have flexibility in funding your down payment.

Adjusted Rate Mortgage (ARM Loan)

We can help you acquire an ARM loan with the current low interest rate. This can help with the interest rate right now. However, you should be aware that it does vary with the market. 

With an ARM loan, you will have a fixed rate for a set length of time, after which the outstanding balance interest rate varies throughout the life of the loan. 

This is a good option for you if you plan on paying off your loan quickly. Otherwise, you should consider a Fixed Rate Mortgage.

Federal Housing Administration (FHA) Loan 

An FHA loan is a mortgage that’s insured by the Federal Housing Administration. First time home buyers benefit from these because they allow down payments of 3.5% for credit scores of more than 580. You are, however, required to pay mortgage insurance premiums to protect the lender.

You can qualify for an FHA loan with a down payment of as little as 3.5% for a credit score of 580 or higher. If your credit score is between 500 – 579, you make a 10% down payment. You should remember that the lower your credit score, the higher the interest you will have to pay.

Capitalize

Our first time home buyers benefits are our priority. We have a mortgage solution for every first time buyer and we work hard to ensure your needs are met and your plan is individualized for you.

For twenty years we have been servicing the needs of home buyers and receiving top ratings for our service and our expertise. You can check out testimonials from our delighted customers and feel confident that we have your best interests in mind.

You can contact RealFi Home Funding today at (800) 601-1917 or use our online tool to enter your information and we will contact you with a no-obligation assessment of your mortgage needs.

We’re here to help you become a homeowner today!