First Time Home Buyer Guide

Conventional Fixed Loan. This is a popular mortgage for first-time home buyers at Intelliloan®. Buy your home with a down payment as low as 3% or a home equity of less than 3%. Make a low monthly payment and enjoy the financial security of an interest rate that will not change for the entire loan term.

FHA Loan. Buy your home with a down payment of only 3.5%. Your closing costs could even be a gift from a relative!

VA Loan. VA loans are the top choice for active military members, veterans, and spouses as they do not require a down payment or PMI, and have flexible credit requirements.

• Our Home Loan Specialists will assist and guide you through the process of zeroing in on the right mortgage for your needs.
• You have access to our salient online application process to reduce your paperwork, and you could track your mortgage applications status.
• If you are planning to buy your first home, contact an Intelliloan® Home Loan Specialist at 833-984-2471 for invaluable guidance, or just fill out this online form and we will get in touch with you.

How to determine my affordable budget for a new house?
You should begin with what amount you are comfortable spending every month for a house payment. In general, a budget would call for setting aside 28 percent of your income (post-tax) for housing, including property tax and homeowners insurance.

For instance, if your post-tax annual income is $120,000, 28% of this would be $33,600, or $2,800 per month. But remember that each situation is unique. You could have costs such as student loans, car payments, or childcare, which could impact your bottom line. Therefore, you need to determine the right amount of monthly payment that suits you best.

Speak to an Intelliloan® Home Loan Specialist for first-time home buyers for guidance on your monthly payment according to current mortgage rates.

How can I determine my cost of property taxes and homeowners insurance?
Your homeowners insurance and property taxes can significantly vary according to where you reside and what type of policy you want. Homeowner insurance provider websites usually provide quick estimates, and for your estimated property taxes in the areas where you are looking for a house, you should talk to your real estate agent for advice.

What will be my closing costs?
Settlement costs or mortgage closing costs are the fee charged for services performed to process and secure your loan. These costs may include elements such as title fee, recording fee, credit report fee, appraisal fee, attorney’s fee, pest inspection costs, taxes, and a surveying fee. Mortgage closing costs can vary from one geographic location to another.

Your lender will provide you two key documents, which include the Loan Estimate and the Closing Disclosure. These will help ensure there are no surprises at the time of closing.

If you are a first-time home buyer, call an Intelliloan® Home Loan Specialist now at 833-984-2471, or submit this online form and we will help you meet your home buying goals.