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WHAT PEOPLE ARE SAYING
Lee and his team work so well in guiding us through the home loan process. Being first-time home buyers we were nervous, but Home Access Financial made the process hassle-free. Would definitely use them again.
- Daniel B. from Zillow
First Time Home Buyers
Buying your first home can be exciting and overwhelming, but we know no two homebuyers' journey looks the same. At Home Access Financial, we believe knowing the key steps and getting some helpful tips and tools to guide you through the process is the key to getting the keys to your new home!
Your first step is probably to educate yourself on what you'll need to find, purchase and finance your first home. We've put together some helpful information to start with below, from helpful tips to build your credit and useful mortgage vocabulary to help you as the best questions when you connect with your mortgage loan officer for the first time.
Whether you're just starting to save or already have a house in mind, we can help you get the keys to your first home.
Learn About the Home Buying Process
Your Mortgage Process
Have more questions about the mortgage process and what it entails? Contact us today to connect with one of our qualified mortgage loan officers to find out what programs you could qualify for and what your next steps to financing your first home could be.
Prequalification vs. Pre-Approval
If you're ready to make the dream of owning your own home a reality, you've probably already heard that you should consider getting prequalified or pre-approved for a mortgage. But what exactly do those terms mean, and is there a difference?
Both prequalification and pre-approval are important steps in your mortgage process, but knowing when each of these should be done can be a bit confusing. Your first step should be connecting with a qualified mortgage loan officer to find out more about programs that could fit your needs. At Home Access Financial, once you're connected to one of our knowledgable loan officers, you're on your way to understanding prequalification and pre-approval and one step closer to becoming a first time homeowner.
What is mortgage prequalification?
Prequalification is a very early step in your homebuying process. When you prequalify for a home loan, you are getting an estimate of what you might be able to borrow based on a credit check and information you provide about your finances to your mortgage loan officer. Prequalification is also when your loan officer will discuss different mortgage options with you to identify the perfect fit for your needs and goals.
What is mortgage pre-approval?
Pre-approval happens later in the home buying process after you've discussed your options with your loan officer and chosen a potential mortgage program you'd like to apply for. Pre-approval happens when you complete a mortgage application with your loan officer which is submitted to the mortgage lender. Once approved, you'll receive a pre-approval letter, which is an offer (but not a commitment) to lend you a specific amount towards purchasing your first home. This offer is good for 90 days, at which point you must have already put an offer in for a home or you must re-apply for pre-approval.
At Home Access Financial, we understand this is one of the most significant purchases you will ever make, and we are here to provide you with the best possible outcome to help you get the home of your dreams at a price you can afford.
Ask your mortgage loan officer for more information or fill out the form below to find out if you qualify for first-time home buyer financing!
Your Mortgage Process
Pre-Approval
- The most important part of the mortgage process! This is your first step to figuring out what financing assistance you can get when purchasing your new home. You'll fill out an application and provide your loan officer with basic supporting documents to verify your information. Once you're pre-approved you'll find out what mortgage programs you could potentially use to purchase your new home.
Home Shopping
- Once pre-approved, you'll work with your Real Estate agent to find the perfect home for you! With your pre-approval letter in hand, your agent can show you places in your price range that work with your financing and help you put an offer on the property.
Offer Accepted
- This is when you get into the meat and potatoes of the mortgage process. Once you find a property and your offer is accepted your mortgage loan officer will work closely with your agent to review and submit all the necessary documents to close on your mortgage and get you into your new home. You'll hear from your loan officer a lot requesting documents and asking questions about your finances and once all conditions are approved your loan will move to closing.
Closing
- The final step of your mortgage process. Congratulations! At this point your loan officer has informed you that your loan is "Clear to Close" and you, your agent and your loan officer will get together to sign all the required documents to officially make you a new homeowner!
How to Apply for Financing with Home Access Financial
Are you interested in financing your first home purchase? It all starts with a phone call to Home Access Financial. We'll connect you with a knowledgeable mortgage loan officer who can answer any questions you may have and take your application over the phone. You'll be on your way to pre-approval in just a short 10-minute phone call!
Don't want to do it over the phone? You can submit your application with the link below and we'll reach out to discuss your options.
Get Started Today!
Popular Low & Zero Down Programs
HomeReady - Fannie Mae program. 3% Down required. Gift funds may be used to help cover down payment & closing costs.
Home Possible Advantage - Freddie Mac program. 3% Down required. Gift funds may be used to help cover down payment & closing costs.
VA Loans - Zero down financing solution available for eligible veterans and active duty military personnel.
FHA Loans - 3.5% down program with less restrictive credit requirements.
FHA 203K - Low down payment solution which borrowers may also use to finance the costs of eligible repairs and improvements.
USDA Loans - Zero down solution for lower and lower-middle income borrowers in USDA eligible areas.
HomeOne - Freddie Mac program for first time home buyers. 3% down required. Flexible funding options to help cover down payment and closing costs. No geographic or income restrictions.
For more information about this program or to find out if you qualify contact Home Access Financial today to get connected to one of our expert mortgage loan officers.