Becoming a homeowner can be a daunting process for anyone, especially young adults or those without experience making such a big purchase. If you are a First-time homebuyer, you are probably overwhelmed at the many loan options available to you today. While there isn’t a First-time Homebuyer’s loan in particular, there are minimum requirements you’ll have to meet in order to qualify for a mortgage.
Also, what you may not know is that a lot of the mortgage process happens behind the scenes and is out of your control, but there is a lot that you can control to ensure you’re in the best position to buy a home and close in a timely manner.
What are the General Mortgage Requirements for First-time Homebuyers?
Below we help you understand the basic guidelines so you can prepare yourself financially to help lead you down the right path to Homeownership!