First Time Home Buyer Programs
There are still many great First Time Home Buyer Programs available today, many with zero down payment.
Most programs require that the borrower has decent credit, and must have a stable job with documentable income.
Here is a breakdown of things you need to be prepared for to qualify:
Income and Job History:
You must have stable income that can be documented. This means 2 years in the same line of work with no significant unexplainable gaps. If you are a W2 employee of a company, you will need to supply 2 years of W2s as well as 30 days’ worth of paystubs. If you receive commission income or bonuses, the underwriter will take a 2-year average of those amounts for qualifying.
Self-employed individuals will have to supply 2 years of tax returns, and the underwriter will use a 2-year average of bottom-line income (after expenses) to qualify you.
We can help you determine if you have enough income to qualify and how much home you can afford.
Even if you are applying for a First Time Home Buyer Program that requires no down payment, you will need to have money for closing costs; unless, you are working with a seller who has agreed to pay your closing costs. You may also be required to have a month or two worth of mortgage payments for a reserve account.
Generally speaking, your credit score must be above 620 for most programs, and you must have a clean credit history for the past 12 months. If your score is below 620, we may still be able to help you as we do have loan programs that allow a lower credit score. We can also help you by providing you tips on how to improve your score. First Time Home Buyer Programs require that you are at least 2 years out of bankruptcy if you have filed, and 3 years past a foreclosure in order to qualify.
Common First Time Home Buyer Programs:
Some of the more common First Time Home Buyer Programs are: FHA (3.5% down payment), VA (0% down payment), and USDA (0% down payment).
Alliance Mortgage Group, Inc is known for our same-day pre-approvals and is a top First Time Home Buyer Mortgage Lender. Find out fast what you qualify for by talking to one of our home loan professionals.
Colorado’s First Time Home Buyer Mortgage
To learn more about first time home buyers’ mortgages in Colorado call us by phone at 720-598-0506 or via email at email@example.com.
We had a great experience with AMG overall. Because of some outside circumstances they were more than willing to go the extra mile in making sure that funding went without a hitch. Communications were always prompt and the online document signing was easy and straightforward.
I never plan to move again but if I did I wouldn't hesitate to go back to Mr Beattie.
Yes! We would definitely use this team again any time. The entire team was extremely helpful in every aspect an step. Jeff and his team was always available to answer any questions. Checking and double checking our documents and crunching numbers within record times during the actual looking stages of a home to find the right one. This team didn't stop till we signed our closing documents. Loved them!
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Absolutely loved working with Jeff and Anne. They are so knowledgeable and personable. They are available on evenings and weekends to answer all questions. My realtor was horrible and they pretty much assumed the role of realtor and mortgage broker. I have referred them to friends and will continue to do so. Amazing experience!
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The team at AMG were so helpful and knowledgeable about everything we needed to make sure this refinance went smooth! Jeff and his team were there every step of the way to ensuring all my questions were answered and I was completely comfortable with the process. I wouldn't use anyone else to handle or mortgage needs.
We were purchasing a second home in the mountains and had a couple complications with the seller which turned a routine process into a difficult one. Jeff was there every step of the way with us. He and his team were so helpful and knowledgeable about everything we needed to make sure the deal went through! They also were very easy for our real estate agent to work with as well. They provided the documentation needed quickly and were extremely thorough to make sure we hit our deadlines. Without AMG Lending and their hard work our deal would not have happened. We thank Jeff and his team for going above and beyond. We wouldn't use anyone else to handle or mortgage needs and refer everyone we know looking to buy a home or refinancing.
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My husband and I used Jeff Beattie for our refinance. We have refinanced previously and I have never seen such professional and comprehensive service. He explained the process completely from the start and kept us advised as to each step in a timely manner. Whenever we had questions, he promptly responded and made sure we understood all of the details involved and explained in fully comprehensive and comprehensible manner. The refinance was completed in a reasonable time frame and he was most courteous and knowledgeable. I would not hesitate to recommend Jeff.
What an amazing group of folks. So knowledgeable, professional, awesome customer service, prompt follow up, getting the best in all services, friendly...they were top notch all the way around
Every point of buying our home went so smoothly, without a hitch! Thank you so much for helping us buy our dream home! We would recommend Jeff to anyone!