First Time Homebuyer Resources

We've closed over 120,000 loans. Start your journey with a lender you can trust!

ARE YOU A

FIRST TIME HOME BUYER?

Here are some of the loan programs we offer for first time home buyers.

Photo of House for 30 year fixed conventional loan.

Conventional

  • Minimum FICO: 620
  • Down Payment: 5% Minimum
  • 3% Down Payment Available for Certain Loan Programs
  • Occupancy: Primary, Secondary, Investment
  • PMI Required if Less: 20% Down or LPMI
  • Gift Funds Allowed
  • Up to 9% Seller Contributions
    *Depends on LTV

Photo of house for FHA Loan

FHA

  • Minimum FICO: 580 with DTI Limits 640 High Balance with Limits
  • Down Payment: 3.5% Minimum
  • Occupancy: Primary
  • UFMIP Financed: Monthly MI Required
  • 100% Gift Funds
  • Up to 6% Seller Contributions
  • Must be FHA Approved


Photo of house for VA Loan

VA

  • Minimum FICO: 580 with DTI Limits 640 High Balance with Limits
  • Down Payment: No Down Payment Required
  • Occupancy: Primary
  • No Monthly MI
  • 100% Gift Funds
  • Up to 4% Seller Contributions + 100% seller contributions toward all closing costs and prepaids
  • Must Be VA Approved

Photo of house for USDA Loan

USDA

  • Minimum FICO: 581 with Manual UW
  • Down Payment: No Down Payment Required
  • Occupancy: Primary
  • Upfront Guarantee Financed
  • Annual Fee Required
  • Up to 6% Seller Contributions


CHECK OUT OUR VIDEO - THE HOME BUYING PROCESS MADE SIMPLE.

Buying your first home doesn't need to be stressful. Since 1987 we've closed over 120,000 mortgage loans. It's safe to say we've got this mortgage thing down to a science. If you're looking for a fast, frictionless mortgage, start your story with VanDyk Mortgage!

MORTGAGE MISCONCEPTIONS

In a recent survey by Ipsos, it was discovered that misconceptions are still common when it comes to two highly important factors in obtaining a mortgage.

20% DOWN PAYMENT MISCONCEPTION

40% of consumers are still under the impression that you must have at least a 20% down payment minimum.

TRUTH

There are many loans that have been written with as little as 3% and sometimes less.

HIGH FICO SCORE MISCONCEPTION

62% of the responders believed they needed excellent credit to buy a home, with 43% assuming that a "Good Credit Score" was anything over a 780 credit score.

TRUTH

When reviewing the actual credit score numbers of approved conventional and FHA mortgages, we learned that this misconception was not true.

FICO Comparison Chart showing 55.1% of loans fall in 600-749 FICO Score

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

We are here to help! Contact us today if you have any questions about the mortgage process. Let us be your trusted mortgage advisor.

WHEN SHOULD I START THE HOME LOAN PROCESS?

We recommend starting the pre-approval process before or at the same time you start your home search. In a seller's market, homes can have multiple offers after being listed for less than a week. Having a solid pre-approval could give you an advantage over other offers.

CAN MY PARENTS HELP WITH MY DOWN PAYMENT?

Yes, you can receive help from family members with your down payment. 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

QUESTIONS? CONTACT US

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 HELPS YOU

  1. It lets you know how much mortgage you qualify for.
  2. It gives you an estimate of what your total payment would be.
  3. It gives the seller more confidence about your ability to obtain financing and complete the transaction.

LET'S GET STARTED - NO OBLIGATION

PRE-APPROVAL DOCUMENT CHECKLIST

Items needed for a mortgage pre-approval include:

  • 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