If you’ve been considering homeownership, you’ve probably given a lot of thought to the many advantages, including the freedom to make the changes you choose to your property, the predictability of your monthly payments, the benefits of building equity and having a valuable asset, and the comfort and stability of knowing it’s yours. However, it’s important to know that you’re financially ready.
Although first-time homebuyers planning to buy a home this year may find a unique set of challenges, 1 Stop Lending can help by offering a variety of first mortgage and down payment assistance programs that can make first-time homeownership attainable.
If you’ve never owned a home or have not owned and occupied your own home in the last three years, you’re a first-time homebuyer. If you did own a home three or more years ago, but sold it, you are considered a first-time homebuyer again, and can take advantage of all of the benefits of a first-time homebuyer program, although there may be some exceptions.
At 1 Stop Lending, we can offer special first-time homebuyer assistance programs, with FHA or Conventional financing and a secondary, deferred-payment junior loan for up to 3.5% of the purchase price or appraised value to assist you with down payment and/or closing costs to help make affordable ownership a reality. In addition, we can offer first-time homebuyers an amazing opportunity to get a jump on building immediate equity through a loan up to 10% of the purchase price of the home that is forgivable if the borrower continuously occupies the home as their primary residence for just five years!
There are just three steps needed to make sure you’re ready to start looking for your new home. The first step is to simply contact 1 Stop Lending to learn about your financing options and the eligibility requirements. The second step is to get pre-qualified, which will let you know the loan amount you would qualify for according to guidelines. The third step if you are taking advantage of an assistance program, is to complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
If you are interested in learning more, we are just one phone call, text or email away from answering any questions you have. Please visit https://1stoplending.net for more.