First Time Buyers

To qualify for a first time buyers program you cannot have owned a home in the past three years. You are required to verify employment income for at least 2 consecutive years. Lenders will use your gross income in order to meet your income requirements. This means all the money you earn before taxes including overtime, commission, dividends and even part time income that can be verified for at least 2 years. You may use child support and alimony as monthly income provided that you have the income for the 2 years following the close of your loan.

Ratios of income to monthly debt determine your maximum house payment or how much you can afford. The percentage of debts to income is called the debt-to-income ratio. Your monthly housing expense as a percentage of your monthly income is called the housing expense ratio.

Your credit history indicates to Lenders your ability for repayment of the loan. Typically you will need at least 3 pieces of credit. Sometimes Lenders allow verification of renters past year payment to landlord as past credit.
Your closing costs and 3% down payment are usually required for the first time home buyer. You will also be required to show you have 3 months of principal, interest, taxes & insurance in order to qualify for this program.

RefinancingUSA represents many of the top Lenders for the first time buyers program. In many cases you will find our National rates considerably less than local and regional mortgage companies.