The conditions of your first time home buyer loan that must be satisfied typically include giving us a copy of your tax returns, W2s, paystubs, bank statements and Paragon Home Loans receiving a satisfactory home appraisal. Keep in mind that throughout the process our team may ask for additional documentation in order to satisfy requirements.
Their most popular program for first-time homebuyers is the Home Possible mortgage. This mortgage is ideal for low to moderate-income borrowers in underserved communities. Home Possible Mortgages. Buyers can choose from the 95% LTV (Home Possible) or 97% LTV (Home Possible Advantage) options. Both come with flexible terms and low down payment minimums.
First Time Home Buyers Home Loan Buying a new house is a challenge in itself, and it is especially tough for the people doing it for the first time. Firstly, you have to find a real estate agent who can help you in finding the most suitable house, then you have to find the right program and bank to take a loan from for financing the house, and.
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For first time homebuyers, the paperwork can be daunting. You’ll need to provide various documents, such as pay stubs, bank statements and tax forms. Make sure you know what papers you need and have them readily accessible. A home lending advisor can help you determine what documents are needed.
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Though not originally created for first time home buyers, the FHA home loan program may in fact be the best option for a first time buyer. FHA loans have four very attractive pieces that seem to work well for first time home buyers. First, low down payment requirements of only 3.5% of the purchase price. Many times people sell a home giving them their down payment, but of course that would not be true for a first time home buyer. Low down payment is a big plus.
As a first-time home buyer, you have an exciting journey ahead. We know applying for your first mortgage loan and navigating a complex housing market can be daunting. At U.S. Bank, we want your first home purchase to be a rewarding experience and we’re here to help first-time home buyers any way we can.