For most people, buying a house is one of the most expensive and vital purchases they’ll ever make. And although it’s an exciting time, being a first-time home buyer can leave you feeling nervous, stressed, and sometimes overwhelmed. Â
You’re likely questioning the home buying process. How much house can you afford? Is your credit score high enough? Do you have enough money for the down payment?
For most people, buying a house is one of the most expensive and vital purchases they’ll ever make. And although it’s an exciting time, being a first-time home buyer can leave you feeling nervous, stressed, and sometimes overwhelmed. Â
You’re likely questioning the home buying process. How much house can you afford? Is your credit score high enough? Do you have enough money for the down payment?
A positive home buying experience is about getting the details right, from start to finish. Working with a trusted financial partner who cares about your success is the first step. FFCU is here to make your first-time home buying process easier every step of the way.
Glossary of Terms. During the process, you’re likely to encounter unfamiliar terminology. Deciphering terms is key to building your knowledge base.
FFCU offers loan options with varying down payments and eligibility requirements. We start with a preapproval. It will determine what you can spend when you start shopping for your new home. We’ll need to know your assets, income, and liabilities. And we’ll run a credit report to provide a complete picture of your financial situation. The credit report looks at your ability to pay bills on time, credit card balances, and outstanding debt.
Your credit score will determine your mortgage qualifications and interest rate. The higher your credit score, the lower the interest rate you’ll receive. But you’ll need a minimum credit score of 640. And preapproval is contingent on the property meeting underwriting requirements.
As a first-time homebuyer, you want to understand the costs associated with buying a new home. When you buy a house, there are upfront costs.
You’ll also want to factor in ongoing costs such as homeowner’s insurance, property taxes, and utilities.Â
Ready to start your home buying adventure? FFCU is here to help you understand the process and make sure you know what you can afford.
APPLY TODAY