Can you get qualified? Even without a substantial down payment saved, you’ll find there are programs—such as the FHA loan program—that make it possible for you to become a first-time home buyer.
Make Your First Home Purchase Your Best-Ever Decision
Take advantage of interest rates. There’s no guarantee that interest rates are going to be this low forever. By getting out of the renter’s game and locking in low interest rates, you can begin a lifelong journey of wealth building.
Use less money down than you imagined. The concept of saving up 20% for money down against a loan can scare some first-time home buyers. But we’ll explain why that doesn’t always have to apply to you.
What You Need to Know About First-Time Home Buying
According to some statistics, a majority of renters who want to buy a home don’t move forward because they’re afraid they don’t qualify! But there are plenty of programs that make it viable for lots of people—even those with poor credit—to qualify.
For many first-time home buyers, the main issue is coming up with the down payment. Many of those who would otherwise buy a home feel they would move their purchase timeline forward if they could make the down payment.
With some first-time home buyers’ terms, it’s possible to pay with a relatively small down payment, much smaller than the usually-expected 20%.
Home sales are as hot as ever, with available homes sometimes going off the market in as little as three weeks in some areas—or even less.
Find favorable terms. When you approach it the right way, your first home purchase can be a door to great terms that help you with your monthly budget.
2 Ways to Use Your FHA 203(k) Loan
Buy a Fixer-Upper (and Fix It Up)
Or... Renovate Your Current Home!
I've used them twice when refinancing my VA loan. Both times they have provided excellent and professional service. They provide exceptional support and communications all the way through the process. I highly recommend them.- Ragan Gross
Had a great experience with Simplify Home Loans. I was able to get approval for a cash out refinance where other companies only gave denials. The process was really easy. Morgan Reid went the extra mile to ensure everything was taken care of and that I always knew where everything stood. Will definitely use again in the future!- Larry Kimber
Thank you. Jed and Zak for your tremendous work in securing this loan. Without your diligence, hard work, late nights, and early mornings we wouldn’t have been able to get it done. Gentlemen, you manage to go above and beyond what I expected. You have such dedication. You never wavered in getting through every obstacle. I have not seen this level of Professionalism and skill since the Air Force. Excellent work.- LaVester Brown
Every step of the process was wonderful and easy. Nikki Mickelson and Jared Read, stayed in touch and followed up weekly. The best refinancing company I have used and I have used 4 different companies. Great job, keep up the good work. I would recommend this company to anyone interested in refinancing or cash out- Ryan Hummel
The agents I worked with at Simplify Home Loans were extremely helpful, polite and knowlegeagle. There were several delays in processing the loan because of weather, slower mail service and misunderstandings on my part but Ben and Matt (the two agents working with me) never gave up on me or showed frustration with the process. I thank them for their patience and appreciate their help. I would recommend Simplify Home Loans to others.- Bev Hill
I just refinanced my home with the help of Simplify home loan. The first person I talked with was Cody. He was wonderful, he put me at ease and I felt that he would do his better to get me the best rate possible. Then he passed me over to Alyssa to help with the process of collecting all the necessary paperwork. She was extraordinary in helping me to get what I need and kept me well informed through the whole process by setting up days that she would reach to give me and update on my claim. This made me feel as if they never forgot about me.- Marilyn Venzant
Ben and Emma were very professional during our home refinance process. The first time I spoke with Ben, I liked the rate he gave me and locked it in on the spot. From there, he introduced me to Emma who kept me updated throughout the process. They really did not ask me too much information... they did most of the work and within a month's time I did closing on my new mortgage. I will recommend anyone looking to refinance to contact them!- Ben Mogoi
Your Renovation Wish List Could Include...
Increase window size
Bring in more natural light
Finish a basement or attic
Create a mother-in-law apartment or guest space
Correct foundational issues
Protect your investment for the long-term
Add a detached garage when one does not exist
There’s room for everyone
Knock down walls
Open up the floor plan to create versatile, welcoming spaces
Flood-proof your property
Add a retaining wall to prevent expensive damage
Repair the pool
Tired of leaks and cracks? Fix the pool & start enjoying it
Expand or refresh the kitchen
Cooking is just more fun in an updated kitchen
Add square footage
Growing your family? Grow your home alongside it!
How Does a Renovation Loan Work?
Depending on the types of repairs you plan to do, you have two options when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.
What Do First-Time Home Buyers Need to Know About Buying a Home?
Why should I buy a home now and not rent until I can save up a massive down payment?
Because there are plenty of options for lowering your down payment! For example, the FHA loan program, which includes loans insured by the Federal Housing Administration, is great for people with low credit scores and not a lot saved for a down payment. That isn’t to say that you shouldn’t save for a down payment—but remain open to all of the options available.
How will I afford my home?
Pre-approval for a first-time home buyer can be a major step in the process, and it’s easier than you think. A pre-approval is essentially a (conditional) promise from a lender that they can offer you the mortgage terms you need to make an offer on a house. This requires an application process that’s much simpler than you might imagine—and great for first-time home buyers who want to shop around and demonstrate to a seller that they’re serious about their offer.
Should I save for a down payment?
Absolutely. Just because you don’t necessarily have to make a 20% down payment on your first home doesn’t mean that you should eschew the process completely. Having a substantial down payment saved never hurts.
I have a low credit score. What kinds of loan programs are there for me?
If you go through the application process and make sure that your payment is in line with what you can fit within your budget (the typical recommendation is a mortgage that takes up no more than 25-33% of your household budget), then you’ll find it’s possible to afford your first home—and the process may be much simpler than you imagined
How do I get pre-approved?
In addition to the FHA loan program as mentioned in the previous answer, you should also look at your qualification for: the VA loan program, the USDA loan program, and even the Good Neighbor Next Door buyer aid program.
What should I do next?
Simple. Click any of our buttons above and find out if your first time home purchase can be as easy as we say it is here. Don’t worry about a low credit score, either—you’ll find that there are plenty of programs out there that can help.