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First-Time Homebuyers

First time? No problem!

First Time Home Buyers Programs & Tips

Buying your first home can be both exciting and a bit scary at the same time. As a first time home buyer, there’s a lot to consider from home loans to down-payment amounts, and even type of property to purchase. Total Lending Concepts in Columbia, MO can give you the information you need so you can decide which is the best loan program for you. From 0 down to only  5% down, we’ll help you get into your first house. The dream of homeownership is real, and the team at TLC can walk you through each every step to make it a smooth and enjoyable experience. 

What are First Time Home Buyers Programs?

First time home buyer programs are for individuals who have not purchased their first home. And surprisingly enough, if you haven’t owned a home in the last three years – you’re considered a first-time buyer too! 

Depending on what state, city, or the county you live in, there may be additional down payment assistance available. But, even if there isn’t, you can get into a home with very little down. Take an FHA loan, for example, you only need 3.5% down. And if you’re a veteran and have served our country, you could be eligible for a 0% down VA loan. 

Available First Time Home Buyer Loan

Depending on the property location and government funding, there may be a special first time home buyer loan for you. But sometimes even though there’s downpayment assistance, it might not be the right option for you. That’s because to qualify, your income has to be very low, and the price of the property could have a limit that is lower than what’s on the market. In some locations, the numbers don’t work out. But, it’s always good to check and know your options. 

At Total Lending Concepts in Columbia, MO, we have first time home buyer loans that are always available in every city, state, and county because we offer conventional, FHA, VA, and USDA loans all which offer lower down payment options. 

No doubt, there’s a lot to consider when buying a home. The best way to see what your options are is to contact the team at TLC so we can find out about your specific goals and help you meet them. 

First Time Home Buyer Tips

One of the top first time home buyer tips is to find a good mortgage company with an excellent reputation and then work closely with a loan originator you trust. Buying a home is complicated, you want to make sure you’re in good hands. 

At Total Lending Concepts in Columbia, MO, we make sure that we counsel our new home buyers, so that understand the process along with the do’s and don’ts. For example, we make sure to tell every borrower that once we start the home loan process, not open any new credit cards, buy a new car. These things change your credit score instantly and can take a very approvable loan and make it unapproved immediately.

New borrowers have common questions, and some not so common. But whatever questions or concerns they may have, our loan officers have the time and patience to answer every single one.  

First Time Home Buyer Down Payment

One of the biggest concerns we get from our new first time home buyers is about down payment.  

Depending upon the loan down payment varies from 0% down to 5% down. And, every loan program has other qualifications like income and debt ratio as well as credit scores. So what might help one borrower in buying a home, may not work for another borrower because everyone’s circumstances are different.

But, there are always ways to get you into your first home, and we’ll show you how. For example, you may be able to get a gift from a family member to help with your down payment. In addition to the down payment, you can ask your realtor to request seller concessions to help pay for your closing costs. 

Ready to get started on your journey to homeownership? Contact us today to see what first time home buyer program is right for you. 

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