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First Home

For First Time Homebuyers

Getting Started With Home Financing

A front lawn’s ‘For Sale’ sign catching your eye, touring available properties, and attending open houses—the search for your first home can be exciting. It can also be a bit intimidating. There’s some confusing real estate and mortgage terminology, lots of decisions to be made, and a large financial commitment at the end of it all. With some basic information and a smart plan, you can get through the financing and purchasing of your first home, and onto unpacking all those boxes!

Your very first step—long before looking at homes, picking out paint colors, and deciding on your style of décor—should be coming up with a realistic budget. Everyone’s budget is different, and first time home buyer budgets vary immensely based on income, age, financial security, number of buyers, area of the country, and propensity for financial risk among other factors.

The amount you can borrow will also be limited by the terms of the mortgage program you apply for, with many programs allowing a monthly mortgage payment to be no more than 28% of gross monthly income, and the total of all debt payments to be no more than 36%.

Need Help? Give Us a Call: 1-800-634-8616
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