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How To Qualify For A Mortgage As A First-Time Homebuyer

A young couple of first-time homebuyers stand in front a house that they were able to recently qualify for using mortgage financing.

Many first-time homebuyers have questions about how they can qualify for a mortgage. One of the best ways to start the homebuying process as a first-time homebuyer is to gather as much information as possible at the onset of the process. 

Check Your Credit Score

Credit scores play a pivotal role in determining a  first-time homebuyer’s ability to qualify for a mortgage. We recommend that first-time homebuyers subscribe to a consumer credit monitoring service (like Credit Karma) to see where their credit currently stands. First-time homebuyers should remember to keep an eye out for any mistakes or unpaid accounts, as these will impact their ability to qualify for a mortgage. If there is anything negative on the report, get them fixed as soon as possible. If there are any signs of damaged credit, begin the credit repair process at least six months before you plan to buy a home.

How To Qualify For A Mortgage As A First-Time Homebuyer

One of the most beneficial things first-time homebuyers can do to find out how they can qualify for a mortgage is talk to their lender BEFORE starting their home search. Purchasing a home with a mortgage is one of the most significant financial decisions first-time homebuyers will make in their lifetime. Because of this, it’s imperative to be realistic about what they can afford now and in the years to come as they make monthly mortgage payments. 

There are a few other recurring costs that come with homeownership beyond the monthly mortgage payment. First-time homebuyers should plan for insurance fees, HOA dues, maintenance costs, and property taxes. A good rule of thumb for home maintenance costs is to set aside 1 % of the home’s price for maintenance each year.

Related: Types of Mortgage Loans

Research FHA Loans and First-Time Homebuyer Deals

Contrary to popular belief, first-time homebuyers do not need to put 20% down to qualify for a mortgage when purchasing a home. FHA loans are prevalent among first-time homebuyers because of their low down payment requirements. 

JVM Lending offers competitively low FHA loan rates and close an FHA transaction in as little as 14 days. First-time homebuyers can make competitive offers in a variety of areas with FHA financing. If buyers are still cash-starved, lenders can also often offer substantial lender credits that can cover most or all of a buyer’s closing costs. 

Questions? Contact JVM Lending To Learn More

This blog covers just some of the ways a first-time homebuyer can qualify for a mortgage. To learn more about first-time homebuyer loan options or to discuss your homebuying and mortgage financing options, contact our team by phone at (855) 855-4491 or by email at jvmteam@jvmlending.com. Our team is available seven days a week and are experts at helping first-time homebuyers navigate the homebuying process.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167