First-Time Homebuyer Mortgage Loans
From America’s Mortgage Resource Serving Metro New Orleans & the Gulf Coast
If you're embarking on the exciting journey of purchasing your first home and need a home loan, look no further!
America's Mortgage Resource has special lending programs available to first-time home buyers in the areas we serve, including the metropolitan regions of New Orleans and the Northshore as well as the Mississippi Gulf Coast.
Your First Home Purchase
One of the most rewarding aspects of our profession is guiding individuals through the purchase of their first home. Throughout this process, our clients often experience a whirlwind of emotions – from initial doubts about home ownership to questions about the intricacies of the process, and finally, the overwhelming pride and joy of closing the deal and moving into their very own home!
It's perfectly normal to have lots of questions along the way. We encourage you to reach out to our experienced, local loan officers, who will address your questions and help you explore your options.
Home Loan Programs Tailored for First-Time Buyers
Our mortgage lenders are wholeheartedly committed to assisting first-time home buyers, which is why there are numerous programs specifically designed to cater to individuals with:
- Low or no-down payment options
- Flexible credit score requirements
- Grants and down payment assistance
In addition to conventional loans for well-qualified buyers, popular options for first-time home buyers include FHA, VA, and USRDA loans.
Please keep in mind that lending guidelines for these programs are subject to change. We recommend connecting with a loan officer near you to determine which programs you qualify for.
Two Essential Tips for First-Time Home Buyers
Feeling a bit overwhelmed at the outset of your home-buying journey is completely normal. Here are a couple of invaluable tips to help you navigate the process:
#1 - Understand Your Cash Requirements
First-time home buyers have many down payment options to consider, none of which require the traditional 20% down payment.
Low or no-down payment program criteria can vary from area to area. Contact one of our loan officers to explore the options where you are home shopping.
Even if you qualify for a low or no-down-payment home loan, it's important to have additional savings in place when you become a homeowner.
Your mortgage loan might require a certain amount of cash reserves for the closing, and owning a home comes with ongoing maintenance and upkeep costs, as well as unforeseen expenses for necessary improvements or repairs.
#2 - Know Your Purchasing Power BEFORE You Shop
Before you embark on the quest for your dream home in the perfect location, it's smart to determine exactly how much house you can realistically afford.
Online mortgage calculators are of limited use here in metro New Orleans due to insurance issues. That's why nothing beats obtaining a pre-qualification letter from one of our mortgage loan officers!
During the pre-qualification process, we'll conduct a credit check and assess your income to estimate your mortgage payment options. We'll also discuss tax and insurance considerations in the areas you're considering, along with local lending options.
House hunting as a pre-qualified buyer will make your offers more appealing to sellers!
Do You Have Any Questions?
America's Mortgage Resource maintains branches in Metairie, Uptown New Orleans and Elysian Fields.
If you're ready to take the first step, you can pre-qualify today with one of our loan officers near you. Your dream home awaits!