First Time Home Buyers Webinar!
This webinar goes over important information that all First Time Home Buyers should know.
Here are the key points we covered:
- Get a Preapproval Letter from a lender when beginning the buying process.
- Types of loans you can apply for and the credit score and down payment needed to qualify are as follows:
- FHA Loan: 580+ credit score, 3.5% down payment
- USDA Loan: 620+ credit score, zero down payment
- Conventional Loan: 620+ credit score, 3-5% down payment
- VA Loan: 620+ credit score, zero down payment
- Mortgage payment typically consists of principal, interest, taxes, and insurance. Depending on the loan it can also include PMI or MIP Insurance.
- Escrow is money you are paying into an account that then pays your taxes and insurance.
- Closing costs can typically be up to $3,000 but can be worked into the contract for the seller pay those costs. Home inspections are typically $300+.
Watch below as one of VP Realty’s Agents Kelly Zander goes over the steps you will take once you decide its time to buy a house!!
