Homebuyers Club® - First Time Home Buyer Questions
The FieldStone Homebuyers Club can answer many questions that you may have as you begin your process:
- Are there any programs for first time home buyers?
A "First Time Home Buyer" means that you have not had a home in your name for the past three years. There are many programs that target the first time home buyer, but the guidelines for qualifying for those programs are the same as for any other buyer.
- Can I qualify for a loan?
The ability to qualify for a mortgage loan is based on work history, credit history and income. We believe that anyone can qualify for a mortgage loan with time and planning.
- How much home can I afford?
The amount of your mortgage loan will be based on your income and any down payment that you may have.
- My credit score is questionable; can I still qualify for a new home?
Credit is a tricky thing. When we look at mortgage in relation to credit, the object is "history" rather than scores. Credit can come in many different ways other than what is or is not on a traditional credit report.
- How much money will I need?
The amount of money needed to close on your home will be based on the type of mortgage loan you qualify for.
- How do I find the best interest rate and lender?
Our experienced counselors will assist you in finding the best rate, program and lender for your individual wants and needs.
- If I have a low-scoring credit report, can you help me repair my credit and purchase a new home?
Credit repair has become an undesirable term often associated with unrealistic expectations and empty promises. We have loan counselors able to assist you in finding the balance needed to purchase a home, while guiding you on ways to overcome any negative credit that may be present on your credit reports.
- Can I qualify on my own if my spouse's credit is bad?
Yes, this is called "Non-Purchasing Spouse" and the loan amount is based on your income alone.
- I'm recently divorced; can I still qualify?
Yes, the divorce simply means that the loan amount will be based on your income alone, rather than the duel income of the marriage.