How To Buy Your First Home

Our First Time Home Buyer Guide outlines all of the steps that you need to take to buy a house. Our knowledgeable Loan Originators can educate you on the types of loans available, guide you through the loan application process, and make sure that you understand the ins & outs of mortgages. Feel free to give us a call or open up a chat.  Congratulations, you’ve taken the first step towards purchasing your new home!

Home Loans For First-Time Home Buyers

20% Down Payment – A Common Misconception
You do not need a large down payment to purchase a home. The following are attractive loans for First-Time Home Buyers because of their low down payment options.

Fannie Mae 3% Down Payment Loan
Housing giant Fannie Mae offers a 3% down payment loan specifically for first-time home buyers. If you’re buying a home with your partner or spouse, only one of you is required to be a first-time home buyer. You may also qualify if you have not owned a home in over 3 years.

FHA Loans
Aimed at low to moderate income borrowers, FHA loans have a low 3.5% minimum down payment requirement as well as flexible credit score guidelines. Learn more.

USDA Loans
If you’re looking for a house in the country, a USDA loan might be right for you. No down payment required and flexible credit score guidelines. Learn more.

VA Loans
Active military and veterans may qualify for a VA loan. No down payment required and flexible credit score guidelines. Learn more.

Steps to Buying a House

Step 1: Figure out how much you can afford on a house.

Step 2: Get a Ready Buyer pre-approval letter.

  • This will confirm your home price range so you’ll be able to make an offer with confidence.
  • Just fill out our easy online application.

 Step 3: Shop for your new home.

  • Hiring a real estate agent can help facilitate the negotiation process.

Step 4: Prepare for closing.

  • After your offer is accepted, our loan originator and processor will guide you the rest of the way. They will arrange the time and place of your close.
  • Work with our team to determine how much you want to pay/not pay at close, how much you want to pay monthly, and how long you want to pay off your mortgage.
  • Lock in your low interest rate.
  • Upload supporting documents to the online portal.

That’s it!  Don’t worry, AmeriSave is here to help so feel free to reach out to us at any time.

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