First Time Home Buyers Love DNJ Gateway Mortgage!

At DNJ Gateway Mortgage, working with first time home buyers is something we’ve enjoyed for nearly 20 years. Nothing can compare to the excitement and the possibilities that await you in your new home. From starting a family to starting a new career in your new town, we make getting a first time buyer home loan an enjoyable part of the whole process!

The First Time Home Buyers Dilemma: Buying vs. Renting

When you’re ready to build equity, increase your net worth, and enjoy the income tax savings that other first time home buyers enjoy, it’s time to say goodbye to renting. While renting may be more appropriate for new college grads or those with frequently-changing jobs, the benefits of buying a home make it more than worth your while to consider.

With many areas in Maryland, Virginia, North Carolina, South Carolina, Georgia or Florida enjoying lower home prices and quicker economic recovery than other parts of the country, now is the perfect time to get a first time buyer home loan!

Special First Time Home Buyer Programs

In our home state of North Carolina, first time home buyers can get a reduced rate and potential down payment assistance. House price limits (less than $220,000) and other specifications must be met, but the option is worth exploring for first time home buyers who qualify. Contact a loan officer in one of our North Carolina offices for more information on this program.

Calculating your First Time Buyer Home Loan Amount

To find out the maximum first time buyer home loan amount you can afford, a lender calculates your debt-to-income ratio (DTI), by comparing your gross (pre-tax) income to your current housing and non-housing expenses. Non-housing expenses include things like car or student loans payments, alimony or child support, and monthly payments on credit cards. Your cell phone bill, car insurance, or utilities are not included in the calculation. Your credit score and down-payment amount will also be considered.

Since every loan is different, please contact us for a free debt-to-income analysis now!

Pre-Approval is a Must for First Time Home Buyers

We recommend getting a pre-approval for all first time home buyers. It lets you know how much you can afford, what your payments will be, and whether or not you can qualify for a mortgage.

Secondly, pre-approval lets the seller know that you’re ready, willing and able to buy a home today, and your offer should be taken seriously.

The new real estate contract rules make pre-approval even more important. With the new contract your earnest money is at risk if you don’t qualify for a loan in the time specified in the contract.

Ready to be pre-approved? Get started online now or give us a call to speak to one of our mortgage loan officers today!

How much will I put down on a first time buyer home loan?

The answer really depends on your unique situation, which a DNJ Gateway Mortgage loan officer will help you determine.

USDA loans are available for $0 down, HUD foreclosures can be obtained with $100 down and NC Housing loans can be obtained with very small down payments of around $1,000 – $2,000. Read more about low down payment options.

FHA loans are more common and have fewer restrictions. FHA mortgages require buyers to have 3.5% of the purchase price as the down payment. Learn more about FHA loans.

First time home buyers also have to put earnest money down when they make an offer, ranging from $500 to $2,000 or more, depending on the contract you negotiate with the seller. Earnest money acts as a deposit and will be applied to your down payment at closing.

Other closing costs typically associated with a first time buyer home loan may be avoided when you utilize a no closing cost loan from DNJ Gateway Mortgage. You’ll not only save thousands of dollars at closing that may be put toward other purchases or savings, you’ll be in a powerful financial position to easily refinance each time rates go down in the future. A mortgage officer can help you decide if this option is right for you.

Contact DNJ Gateway Mortgage Today to Start Your First Time Buyer Home Loan

Our loan officers are standing by to tell you more about our first time home buyer programs! You may reach us at one of our North Carolina offices to find out more about buying a home in Maryland, Virginia, North Carolina, South Carolina, Georgia or Florida, or to discuss any other questions you may have.

DNJ Gateway Mortgage proudly serves clients in Raleigh, Durham, Chapel Hill, Cary, Apex, Greenville, Fayetteville, Fort Bragg, Greensboro, Winston Salem, High Point, Wilmington, and Charlotte, NC, and surrounding areas. We also offer mortgages in South Carolina, Virginia, Maryland, Georgia and Florida.