First Time Home Buyer

Congratulations! You’re going to buy your first home!

Now what?

For FHA first time buyers, purchasing your first home can seem rather daunting. After all, you have likely heard horror stories from first time home buyers who went into the discussion without all the proper tools. There is always someone trying to take advantage of those who don’t hold all the facts.

FHA First Time Home Buyer Guide: How To Buy Your First House

  • Lender: You need to partner with an FHA approved lender; that is the first thing that is required of the FHA first time home buyer. Most banks and mortgage brokers offer FHA loans but your lender needs to be approved by the FHA before you proceed with any deal.
  • Low Income: The mortgage process can be exhausting. You are digging up so much of your past living history, working history, and all other manner of private information. FHA even accommodates those with low income, low down payment, and less than perfect credit history, so the best thing that you can do is to be honest! If they find things you have omitted you could end up with no loan and no prospects.
  • Further: The first time home loan can seem like a huge commitment and it is! 15 or 30 years, and the price of this mortgage is likely the biggest purchase you will ever make. Don’t be daunted and do make sure that you avail yourself of all the FHA first time home buyer assistance programs which are available to you.

If playing the part of the first time home buyer can seem a little bit overwhelming, you are certainly correct to think this. You always have the choice if something doesn’t feel right to just walk away, especially if you’re dealing with unfamiliar people and terms. If you need someone to talk with, we are here at Paramount Equity. We can help you find the answers you need to make the smartest FHA home buying decision.

 

The Paramount Pledge™ – Triple Protection

The Paramount Pledge. It is our promise to you that we’ll provide the best rates, won’t charge you an application fee to lock in a rate and will ensure we can close and lock in a rate at the terms we provide.

No Application Fee – Other lenders charge hundreds of dollars to start the loan process with you. Paramount Equity Mortgage® will never ask you to pay an application fee just to lock in your rate.
Better Rate Warranty – After you complete a loan with us, we will cover most of the cost to refinance or purchase within the next seven years, for any reason.
Set & Secure Closing Guarantee™* – Once we receive all required borrower information, your signed disclosure and lock your loan, we guarantee we can close your loan at the rate and terms we provided. If we can’t, we will pay you $500.
* The Set & Secure Closing Guarantee is not valid in the event that there is an unforeseen change such as, an appraisal coming in under value, undisclosed debt at the time the loan was pre-qualified, a change in income due to loss of job or change in employment, etc. This guarantee is also not valid in the event that you withdraw your application or request a change to the terms of your loan. A change in terms would consist of, but is not limited to, a change in loan amount, fixed vs. adjustable rate, number of years the loan is amortized, adding/removing a borrower, etc.