First Time Homebuyer Resources
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FIRST TIME HOME BUYERS
Becoming a homeowner is as rewarding as it is complex. From finding the right type of mortgage loan, to budgeting for your new mortgage payment, there are plenty of questions to ask and even more tools to help you get prepared. At VanDyk Mortgage, we work diligently to make your home buying experience as enjoyable and stress-free as possible. By offering loan programs to first time home buyers, we provide valuable resources during this hectic and exciting time!
First-time home buyers are eligible for a variety of loan programs to assist with their first major purchase. Listed below are some loan program options we offer to help you start your home buying journey:
The Home Buying Process Made Simple
Beginning your homebuying journey can certainly be challenging, so finding the right assistance is important. Having closed over 120,000 mortgage loans, VanDyk Mortgage has been your trusted loan advisor since 1987. With extensive knowledge and exceptional customer service, we are here to help you navigate the process with ease. To begin your homebuying journey, contact us today!
A recent survey by Ipsos shows that there are some common misconceptions when it comes to obtaining a mortgage.
20% DOWN PAYMENT
40% of consumers are still under the impression that you must have a minimum of 20% towards a down payment.
There are many loans available that require as little as 3% down; sometimes even less.
HIGH FICO SCORE
62% of survey responders believed that they needed excellent credit to buy a home, with 43% assuming that a “Good Credit Score” was anything over 780.
After reviewing the actual credit score numbers of approved conventional and FHA mortgages, we learned that this misconception was not true.
Mortgage loan rates are still low!
Get Pre-Approved or call a licensed loan originator now at 1-888-482-6395 to get started.
COMMON MORTGAGE QUESTIONS
VanDyk Mortgage has been your trusted loan advisor since 1987. For questions about the mortgage process, contact us today!
WHEN SHOULD I START THE HOME LOAN PROCESS?
We recommend starting the pre-approval process as soon as, or even before, you begin your home search. In a seller's market, homes that have been listed for less than a week, can have multiple offers. Having a solid pre-approval gives you a competitive advantage over other offers.
CAN MY PARENTS HELP WITH MY DOWN PAYMENT?
Yes, you can receive help from family members with your down payment. However, proper documentation is required, so we advise you to not transfer any money until we have reviewed your specific circumstance.
HOW MUCH CAN I AFFORD?
By providing your loan originator the required documentation, which includes, but is not limited to, income, credit history, and size of down payment, a detailed analysis will be provided that includes your maximum loan amount.
ARE YOU MORTGAGE READY?
THE VANDYK MORTGAGE TEAM WILL GET YOU THERE
BE PRE-APPROVED AHEAD OF MAKING AN OFFER
While many mortgage lenders are still quoting 10-minute pre-qualifications over the phone or online, a true mortgage approval is one that has been issued by an underwriter who has reviewed all the necessary documents.
3 ways a pre-approval letter can help you:
- 1. Let you know how much mortgage you qualify for.
- 2. Give you an estimate of what your total payment would be.
- 3. Give the seller more confidence about your ability to obtain financing and complete the transaction.
PRE-APPROVAL DOCUMENT CHECKLIST
These are the items you will need for a mortgage pre-approval:
- Most recent 30 days of pay stubs
- Most recent 2 months of checking and savings account statements
- Last 2 years W-2 from all jobs
- Last 2 years Federal tax returns, (signed & dated)
- Driver's license and social security card
- Current mortgage and insurance statements, (if you currently own property)
- Social security award letters
- Current 401K/IRA statements
- Bankruptcy & discharge papers, if applicable
- Foreclosure documents, if applicable
- Child support orders & all schedules, if applicable
- Divorce decree, if applicable