FIRST-TIME HOMEBUYER

We are thrilled you chose MDE Home Loans to help you through your home buying process! Our goal is to guide you through the process of home ownership.

If you've never owned a home, you are considered a first-time homebuyer. But you are allowed to be a previous homeowner and still qualify as a first-time homebuyer. According to the FHA, you can do so if you have not been an owner in a primary residence for at least three years leading up to your purchase.

 

FREQUENTLY ASKED QUESTIONS:

Do first-time homebuyers need a down payment?
There are some programs that require no down payment, such as VA and USDA loans. However, these are not restricted to first time homebuyers. There is no type of loan specifically for first time buyers that does not require a down payment.

Which loan is best for first-time homebuyers?
There is no one size fits all home loan for first time buyers. But the most popular type of home loan used by first time buyers are FHA loans. This is because of their low down payment requirement and most relaxed guidelines to qualify.

What credit score do I need for an FHA loan?
Get Your Credit Score in Shape: The Federal Housing Administration (FHA) will insure a mortgage if the borrower has a 500 or higher credit score and a 10% downpayment. If a borrower has at least a 580 credit score they will insure the loan with just a 3.5% down payment.

How much house can you afford?
We recommend using our Calculator to help you understand exactly what you need and what you can afford. 

 

How much down payment do you need?|
We recommend using our Calculator to help you understand exactly what you need and what you can afford. 

 

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