There are several purchase loan options, each designed to meet different financial needs:

• Conventional Loans: Popular for buyers with strong credit, offering flexible terms and competitive rates.
• Ideal for first-time buyers or those with lower credit scores, featuring low down payment options.‍
• VA Loans: Exclusive to veterans and active-duty military, VA loans offer zero-down payment and no private mortgage insurance (PMI).‍
• USDA Loans: Tailored for buyers in rural areas, offering no down payment and low mortgage insurance.

Getting pre-approved for a purchase loan is a critical first step in the homebuying process. Here’s how it works:

• You’ll start by providing some basic financial details, such as your income, debts, and credit score.
• We will take a look at the information and assess how much financing you may qualify for. This step gives you a clearer idea of your budget, so you’re not guessing when it’s time to shop for homes.‍
• If everything looks good, you’ll get a pre-approval letter that shows sellers you’re serious and financially ready to make an offer.
• With your pre-approval in hand, you can search for homes knowing exactly what you can afford. It also shows sellers you’re a strong buyer, which could give you an edge in competitive markets.

Pre-approval shows sellers you're serious and financially prepared to purchase, making your offer more attractive in competitive markets.

Down payment requirements vary by loan type. Conventional loans may require as little as 3%, while VA and USDA loans can offer zero-down payment options.

Credit score requirements depend on the loan type. Conventional loans typically require a score of 620 or higher, while FHA loans are more lenient, accepting scores as low as 580.

Yes, first-time homebuyers have access to a variety of programs designed to make homeownership more accessible. Here’s what you can expect:

• Low Down Payment Options: Programs like FHA loans require as little as 3.5% down, and some conventional loans offer down payments as low as 3%.
• Down Payment Assistance: Many local and state programs offer grants or low-interest loans to help first-time buyers cover down payment and closing costs.
• Special Loan Programs: VA loans (for veterans) and USDA loans (for rural properties) offer zero-down payment options for those who qualify.‍
• Credit Flexibility: Some first-time buyer programs are more lenient on credit score requirements, making it easier for people with less-than-perfect credit to qualify.

If you’re a first-time buyer, these programs can make homeownership more affordable and achievable. We would love to helo guide you through the process.

The loan process typically takes 30 to 45 days, but it can vary depending on the loan type and property conditions.

Closing costs usually range from 2% to 5% of the purchase price and can include fees like title insurance, appraisal fees, and other related expenses.

In some cases, borrowers may be able to roll closing costs into the loan, especially with specific loan programs like VA or USDA loans.

A fixed-rate loan maintains the same interest rate and payments throughout the loan term, while an adjustable-rate mortgage (ARM) starts with a lower rate that adjusts periodically based on market conditions.

PMI is required for conventional loans with less than 20% down. It can be removed once sufficient equity is built.