Buying a home for the first time might seem overwhelming, but with FirstLight’s help, it doesn’t have to be. If you’re asking yourself “What about monthly mortgage payments? How does my credit score come into play? Will I need a lot of money for a down payment?” this article is meant for you.
Many potential first-time homeowners are afraid their monthly mortgage payments will be too high. The truth is that most of the time, a monthly mortgage payment might cost as much as rent, plus a few extra dollars you may already be spending. For example, if you take the cost of an $80 family day at the ballpark and add it to your $850 rent, you’ve got a mortgage payment on a $125,000 house!
This means that for a few dollars more than what you’re already paying for an apartment, you can actually build home equity and have a solid financial investment.
Life happens, and some of life’s consequences might negatively affect your credit score. Keeping a perfect score can be challenging, but the good thing is that you don’t need 720+ credit to score your first home. In fact, FirstLight has awarded mortgage loans to first-time homeowners who had scores as low as 620.
If your credit’s still not there, you can take advantage of FirstLight’s free credit counseling classes. We’ll help you come up with a game plan to get your score where it needs to be to buy a home.
If you thought you needed a 20% down payment to buy a home, you’re not alone. Good news! This is simply not true when you’re a first-time homebuyer. A Firstlight conventional home loan allows a down payment of only 3% of the sales price, and depending on your family income, you might even qualify for certain programs that can pay your down payment and closing costs. Read more about how to buy your first home with no money down.
FirstLight offers free homebuying and mortgage classes that can teach you all you need to know before buying your first home. If you have more questions, fill out the contact form below, and one of our Mortgage Loan Officers will contact you as soon as possible.
Equal Housing Lender. Monthly payment of $930 is based on qualifying credit, 3% down payment, 30-year term and APR of 4.08. Must meet member and loan eligibility requirements.