First Time Homebuyer Loans

First-time homebuyers have a lot to think about. Not only must you find the perfect home, but you also need financing. Taking out your first mortgage can get complicated if you don’t work with the right mortgage company.

At Priva Mortgage, we pride ourselves on the support we provide our borrowers so that buying your first home is exciting and fun, rather than stressful and overwhelming.

Whether you need FHA financing, a VA loan, or conventional financing, we have the first-time homebuyer loan you need.

Steps to Getting Approved for your First Mortgage

At Priva Mortgage, we know how overwhelming it can be to figure out how you’ll get approved for your first mortgage. We’ve outlined the steps for you below to help you get started.

Determine how Much you can Afford

Before you apply for a first-time homebuyer loan, look at your budget. How much can you afford? To guide you, your mortgage payment shouldn’t be more than 28% of your monthly income (before taxes).

To make it easy, look at your monthly income and take 28% of it and see how that feels. Does it fit within your budget, or do you need to make some changes to make it more affordable? Have a number in your mind that you’re comfortable with before applying.

Get Pre-Qualified for a Mortgage

Next, apply with Priva Mortgage to get pre-qualified. This isn’t a formal approval, but you’ll know how much loan we can get you approved for to help you look at the right homes. A pre-qualification requires you to estimate your income, assets, liabilities, and credit score. Our professionals use that information to decide if they agree with how much mortgage you can afford.

Get Pre-Approved with Priva Mortgage

Once you’re ready to look at homes, formally apply for the mortgage we pre-qualified you for and provide us with the necessary documentation. Your loan officer will tell you what documents are needed to prove your income, assets, credit score, and liabilities.

If we can approve you, we’ll write you a pre-approval letter that you can use when you shop for a home.

Work with a Licensed Real Estate Agent

With your pre-approval in hand, you can work with a real estate agent to find the perfect home. Your agent will know how much you can afford based on the pre-approval letter you provide. This will keep you within your budget and help you close on your loan faster.

Clear Outstanding Conditions

Once you find a house, you’ll provide us with the purchase contract plus any documentation for outstanding conditions on your pre-approval letter. Your loan officer will walk you through these steps to help you get to the closing table faster.

How Priva Mortgage Helps you Buy your First Home

At Priva Mortgage, we are with you every step of the way from pre-qualification to closing on your first-time homebuyer loan. We help you learn how much money you need to put down, what documentation you need to clear conditions, and how to get the loan that meets your financial needs the most