At First Financial we offer many programs for first time home buyers.

                           

The most exciting new program is our

No down payment loan.

Yes, now you can buy a home with no money down!!!!  

Call today for details, one of our experienced loan officers will be happy to help you. 1-800-280-1373

Have questions, e-mail our First Time Home Buyer Dept

Or, see our ON-LINE LOAN APPLICATION

 

PROGRAMS FOR FIRST TIME HOME BUYERS

 

We have FIVE excellent programs for first time home buyers. They are the ZERO DOWN PROGRAM, THE CREDIT FLEX PROGRAM, THE COMMUNITY HOME BUYERS PROGRAM, THE AFFORDABLE 97 AND, THE FLEX 97. These programs are designed to meet the needs of the first time home buyer based on available cash, income, credit scores, ratios, and location of purchase.

 

ZERO DOWN - No Cash – 100% LTV

The Zero Down Program is for the buyer with good credit and little cash. Two months reserves. No application fee. This program has an income restriction.

CREDIT FLEX – No established credit – 97% LTV

The Credit Flex is for the buyer who has minimum credit and little cash. Three percent down required with 1% from occupying borrower’s own funds. One month reserves. Two unit properties if owner occupied. This program has an income restriction.

AFFORDABLE 97 – Good credit – 97% LTV

The Affordable 97 is for the buyer who has 3% of their own funds, good credit. This program has an income restriction.

THE FLEX 97 – Excellent Credit - No income restrictions – No cash - 97%LTV

The Flex 97 is for the buyer who has excellent credit. This is credit score driven! All 3% down payment can be a gift. No reserves required. Credit scores of 700. This program has no income restrictions.

COMMUNITY HOME BUYERS – Average credit – 95%-97% LTV

The Community Home Buyers is designed to help the first time home buyer who has 3% of their own funds with gift money for the remaining 2%, established credit and credit scores of at least 620. No reserves required. This program has an income restriction.

 

INFORMATION FOR FIRST TIME HOME BUYERS

 THE ADVANTAGES OF OWNING A HOME

1. A home is usually a sound investment
2. Home ownership offers certain tax advantages. The mortgage interest and real estate taxes are tax deductible, which allows you to subtract part of your housing-related expenses from you taxable income, which could significantly reduce your income taxes.
3. A first time home often leads to a better home. Building equity in your current home allows you to more easily afford another home in the future.

 QUALIFYING FOR A HOME LOAN

–DETERMINE HOW MUCH YOU CAN AFFORD

To determine how much you can afford click here to check out our mortgage calculators.

Income When you qualify for a loan, a lender will use your gross income. This means all the money you earn before taxes – including overtime, commission, dividends and any other sources – as long as you can show a steady history for theses sources. Income from a part-time or seasonal job as long as you can show that you have had the job for at least two years.

Employment Employment history determines your ability to earn the money to repay the mortgage loan. A two year history is required.

Debt Your debt will include your house payment as well as payments on all loans, charge cards, child support, etc. that you make each month.

Credit History Your credit history indicated your willingness to pay. Your willingness will be judged by your credit record. – that is, how well you’ve paid your loans and other debts in the past. This includes your rental history

Ratios Your ratios determine your maximum house payment or how much you can afford. Your monthly housing expense as a percentage of your monthly income is called the housing expense ratio. The percentage of debts to income is called the debt-to-income ratio.

 

THE LOAN APPLICATION

Your loan application will show information about the type of mortgage loan and your personal financial situation. To complete a loan application, you (and the co-borrower if applicable) will nee to give the lender detailed information about your financial situation, including the following:

1. Income
2. Debts
3. Employment history
4. The source of your downpayment and closing costs
5. Current rent
6. Checking and savings account information
7. Any bankruptcy history
8. Any legal actions you are involved in
9. Citizenship status
10. Alimony and child support obligations
11. Foreclosure history
12. Value of stocks and bonds
13. Value of life insurance
14. Value of automobiles owned
15. Value of other major assets

Click here for the ON-LINE LOAN APPLICATION

MORTGAGE AND MORTGAGE PAYMENT

A mortgage is a real estate loan that creates a primary lien against the property. Otherwise, an interest in the real estate is given as security for the payment of loan.

Your mortgage payment will consist of principal, interest, taxes and insurance. Lenders often refer to principal, interest, taxes and insurance as PITI. Generally, the PITI is the amount you will pay each month for your mortgage. The taxes and issuance portion of you payment are put into an escrow account.

Principal The amount of money you borrowed. Each month when you make your mortgage payment you are paying back a small portion of principal. As you continue to make payments, you are paying back a small portion of principal. As you continue to make payments, a greater portion of your payment goes to reduce the principal you owe and interest will become a smaller part of your monthly payment.

Interest The costs of borrowing money usually expressed as an annual percentage of the loan amount.

Property Taxes Taxes paid to local governments, usually charged as a percentage of the property value. The taxes are collected through your monthly payments

Hazard Insurance A contract that protects you from any financial losses on your property that might result because of fire, wind, or other hazards.

Click here to get Insurance Quote

Mortgage Insurance An insurance policy that pays mortgage lenders for part of their financial losses if a borrower fails to fully repay a loan. Mortgage insurance makes it possible to buy a home with a low down payment

First Financial Mortgage Corp. can help you determine how much house you can afford, help you determine the maximum mortgage loan you qualify for and take your loan application with one appointment. We offer excellent rates, a variety of programs and outstanding service for the First Time Homebuyer. See our EZ Online loan application.