Fort Collins First-time Home Buyer

Fort Collins First-time Home Buyer

Fort Collins First-time Home Buyer?

  For, a Fort Collins first-time home buyer in Colorado, check out Colorado’s current down payment assistance programs. Fort Collins first-time buyers may qualify for down payment assistance. These programs are available throughout Colorado as well as Fort Collins.

Questions for First-Time Homebuyers

Here are the top questions regarding first-time homebuyer loans.

The type of mortgage program will determine the minimum down payment required. USDA loans and VA loans don’t require any down payments. FHA loans require only a 3.5% downpayment (and can be used for down payment assistance). Conventional loans usually require a minimum of 3% to 5% down. A non-prime loan usually requires a minimum of 10% downpayment.

How much maximum can I borrow?

Your income and the type of loan that you’re interested in will determine how much you can borrow. Each type of mortgage program has its own maximum loan limit. These limits are determined at the local level. The maximum conventional mortgage loan amount is limited by the conforming loan limit.

FHA loans come with their own loan limit. These limits do not limit how much money you are allowed to borrow, but rather the maximum amount that is permitted in your area. Your income and your debt will determine the amount you are eligible for. Your monthly mortgage payment and your monthly debts will not exceed 43% for most loans.

What if I don’t have a realtor to help me buy a house?

This depends on the loan program and your state. In some states, you will need to use an agent. For conventional mortgages, however, you don’t have to hire a realtor in some states. Some loan types, like USDA loans, require you to use a professional real estate agent, regardless of where you live.

Do borrowers with poor credit have mortgage options?

Non-prime and FHA loans can be obtained by borrowers who have lower credit scores and/or other credit problems. FHA loans require a minimum credit score of 500. Non-prime loans can be financed by lenders who will allow you to borrow even if your credit score is below 500. There are no waiting periods for non-prime loans after bankruptcy.

Can I buy a home if I owe a tax debt?

You can purchase a house with tax debt if you are current on your payments and have a payment plan. To be eligible for a government-backed mortgage, any federal debt must not have fallen behind. You will not be able to get a mortgage until your tax debts are resolved.

What student loans can I use to buy a house?

You can still qualify for a mortgage as long you don’t default on student loan payments or have a low debt-to-income ratio.

What if I don’t have a spouse to buy my home?

Common question: Can you buy a home without your spouse or husband? Yes, the short answer is “yes.” You can exclude your spouse from a mortgage application for many reasons, including lower credit score, income or job history, as well as excessive debt. Your spouse may not be eligible for a loan and you might still qualify.

What is the best way to find out whether I am eligible for a mortgage loan?

You can easily find out which mortgage programs may be available to you. Lenders offer complimentary consultations and can assist you in getting preapproved. They also have the ability to compare your options. Check with your Morgage Lender for more information.

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