Work through these questions before comparing loan options.
Try a payment estimate with your own figures, then contact us with your questions.
Buying a home for the first time can be an exciting experience. Finally, you have a space to organize and improve however you like. If being a first-time homebuyer has you feeling a little nervous or unsure about the loan process, you’re not alone. Fortunately, there are many loans that make the experience easier.
When starting with a first-time homebuyer mortgage broker such as Superior Rate Mortgage of New England, LLC, you get to see all your options. You can use the information to compare options against your needs and the written terms.
When you’re looking for a first-time buyer loan, you might think there are limited options. Truthfully, it depends on what you can afford, especially for the down payment. These loans tend to be easier for first-time homebuyers:
Not everyone qualifies for these programs. Ask which listed programs fit your application and property, and what conditions remain to be confirmed.
When applying for a mortgage, you need to know what to expect. Typically, you’ll fill out an application for pre-approval. Once the application is processed, you’ll know how much you can shop for in a home. A broker can help compare options; review the rates and terms in the written offers for your application.
Once you’ve selected a loan and made a successful offer on a home, your lender handles the underwriting. If it’s clear, you’ll close on the loan and become a homeowner.
To learn more, contact us with your questions.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
Start with the first-purchase checklist for pre-approval, documents, closing costs, payments, and term comparisons. Then compare each option against these conditions:
| Path named on this page | What to verify before relying on it |
|---|---|
| FHA | Which down-payment, credit, property, and closing-cost terms apply to this application? |
| USDA | Does the applicant and property meet the program's income, debt, credit, and occupancy conditions? How are closing costs handled? |
| VA | What eligibility evidence and funding-fee terms apply? |
| Rehab or conventional | For a rehab option, how are purchase and improvement costs treated? For a conventional option, what down-payment and qualification terms apply? |
| Other programs or property types | Ask whether a named HUD or state program or a foreclosed property fits your location, eligibility, property, and transaction terms. |
Compare the written payment and total costs with your own figures. A program name or initial estimate is not a final approval.