First Time Buyers Loans
Buying your first home can be very exciting, but we understand the stress that can also accompany this excitement. At Addie Mae, we are very experienced with first time home buyers, and we have a variety of mortgage options for you to choose from:
WHO CAN USE FIRST TIME HOME BUYER PROGRAMS? Contrary to what you may expect, many first time home buyer programs are available to previous home owners. Most programs specify that you can't have owned a home in the past three years
As a new home buyer, you may have many questions regarding your next step in securing the financing for your home purchase. It pays to comparison-shop for a home loan; and, one option, of course, is using addie mae to shop over 160 available programs.
To expedite your loan application process, below is a list of documents to gather together and have ready for your underwriter after you apply online. Apply Now
- Original Sales contract and
verification of the acceptance of earnest money.
- Social Security Cards and
Picture ID (such as Driver's License or Military ID).
- Residence addresses for the
past 4 years with landlord addresses, if applicable.
- Name and address of employers
for the past 2 years with W-2's, 1099's, etc.
- Last two pay stubs showing
gross monthly salary and deductions.
- Names, addresses, account
numbers and balances of all checking and saving's accounts.
- Most recent statement of all
checking, savings, investments, IRA, etc. accounts.
- Names, balances and monthly payments on all open charge
accounts.
- Addresses, loan information
and lease agreements on all other real estate owned.
- Both face value and cash value
of life insurance, retirement accounts, profit sharing accounts.
- If you are self employed: 2 year tax returns with all schedules, year-to-date profit-and-loss statement with balance sheet by a CPA. Note: Profit- and-loss income is included in qualifying only when the applicant pays quarterly taxes
- Self employed borrowers may also elect to use 24 months bank statements to document their income.
Other areas of interest to first time home buyers
- How to budget for a downpayment if you haven't saved it already
- first time homebuyers frequently asked questions
- How to find a home and make an offer to purchase
- How to apply for financing
- What takes place at closing
- How to establish a post purchase budget
- Why it is important to maintain a home
- Homebuyers in a Sellers market
- Home Buyers Tips
- Buying A Fixer Upper
- Buying A New Home From A Builder
- First Time Buyers Mortgage Programs
- The Loan Process
- Use of IRA funds to buy a first home
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