watson brand soma First Meridian Mortgage offers many low down payment options. Buying a home for the first time is exciting, but it is also a time of uncertainty and anxiousness. One of the best ways to feel more in control when purchasing a home for the first time is to be aware of the loan process and feel confident that you are doing the right thing. The first step to in this process is filling out the application. Make sure to have all of your personal information as well as your financial information at hand while completing the paperwork. Your current employment situation, your credit score, your debt, and your long term financial goals will all be discussed in detail during the application process.
Once the application is underway, it is time to wait for the pre-approval of the loan. This will be based solely off of the employment, debt, and credit information acquired through the application process. Next, the loan will go through a processing step that deals with various documents. These documents may differ depending on the type of loan being borrowed.
After all of the documents have been processed, an underwriter will review all of the relevant paperwork as well as make sure the home being purchased is in good condition. The next step is for the seller, your home loan expert, and you to decide on a closing date. At the closing there are many documents that will need to be signed, but once that is all in order, you will be handed the keys to your brand new home.
The bottom line to keeping your cool while going through the loan process of purchasing a home is to stay organized. Keep all of your pertinent information together so that you can find it if needed. Make sure to know where you stand financially, your possible down payment, and your credit score before you sit down with you home loan expert for the first time.
It’s important to remember that you don’t have to go through this process alone. At First Meridian Mortgage Corporation, we help first time home buyers through the mortgage process and make it as simple as possible.
For first time home buyers, we generally recommend the following mortgage options. Call us to discuss what the best solution is to get you into your first home!
Designed for creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities. HomeReady lets you lend with confidence while expanding access to credit and supporting sustainable homeownership.
FHA Loan -3,5 % Down Payment with flexible ratios, flexible Credit, Government insured
VA Loan – 100% financing, Veteran eligibility Required
1% Down payment program with 2% equity boost paid by lender. Conventional 97% Freddie home ready program used, 43% back ratio, 700 Credit score required, max income limits in certain area’s, Home education class required.
3% Down Payment programs
5% Down Payment Programs with and with and without Mortgage Insurance
First Meridian Mortgage Corporation – OUR RATES ROCK! We do not collect personal information.
We often have a better deal for you when you call. We take pride in having the lowest rates with the best price consistently day in and day out.
Call 703-799-5626 A NEGATIVE POINT IS A CREDIT TO YOU!