First Time Homebuyers

Buying a home can be challenging for first-time homebuyers. Fortunately, first time homebuyers have many options and can take advantage of special mortgage programs to make the process easier.

What are my options?

Options for First Time Homebuyers

If you’ve never purchased a home, or you haven’t owned property for at least three years, you are considered a first time homebuyer.

You may be wondering what options are available to you. The LeaderOne Financial Roller Team is here for you, even if you have a lower credit score or a tight budget.

First Time Homebuyer Loan Options

Some loans are federally-backed, such as FHA loans and VA loans. These loans are great options for first time homebuyers because they typically offer smaller down payments and lower interest rates.

First Time Homebuyer Assistance Programs

Many assistance programs are available to first time homebuyers. These programs are usually government or charitable-sponsored and can help buyers with down payments and closing costs. Assistance programs that first-timers can look into include:

Down Payment Assistance (DPA)
DPA Grants
Closing Cost Assistance
Federal Assistance Programs
Good Neighbor Next Door
HomePath Ready Buyer Program
Nonprofit Assistance
Employer-Sponsored Programs

Talk With Your Mortgage Lender

As the most trusted mortgage lender in Kansas City, we can provide guidance throughout the loan process to make sure that you qualify for your dream home. Contact us today at 913-432-1725 to learn more.

What Do Our Clients Say?

I had the absolute BEST experience with Kevin & his team. After being jerked around from a previous mortgage company for over a month. Kevin saved the day and had me closed within 15 days at an even better interest rate. I am 100% happy with leader one financial and all their efforts. Thank you so much Kevin!

Kevin Roller and his team were fantastic. Very responsive and made what seemed impossible happen on our extremely fast timeline. I highly recommend working with him when purchasing your home.

Working with Kevin made buying my first home with my fiance a breeze. He is extremely knowledgeable when it comes to buying a home. Kevin always finds time to talk details with you. If you have any questions about the process/loan he gives you an honest and thorough answer. For my next home I'll be sure to get a hold of him and his team.

Kevin Roller and his entire team have always gone above and beyond our expectations. Everyone on the team worked professionally and explained every process with great attention to detail. We would highly recommend this organization to everyone we know.

Kevin has been instrumental in helping us to secure our mortgage. He has answered all of our questions day or night, weekday or weekend, and his team has been excellent to work with throughout the entire process

What else should I know?

What to Consider When Buying Your First Home

Along with loan options and assistance programs, there are other aspects first-timers should consider, including:

Start saving money early
Consider the costs associated with down payments, closing costs, and moving expenses
Maintain good credit
Budget accordingly

FAQs

Do I Qualify As a First Time Homebuyer?

You are considered a first time home buyer if you’ve never bought a home or you haven’t owned a principal place of residence within the past three years.

When applying for assistance through the local, state, or federal government, there may be certain income limits in order to qualify for these programs.

Your mortgage lender can recommend assistance programs that work for your personal situation as you go through the loan process.

What Mortgage Programs Do First Time Homebuyers Qualify For?

As long as you are financially eligible and you have a decent credit score, you have access to a range of mortgage options. Depending on where you live, you may also have access to assistance programs as well.

Your mortgage lender can work with you and your situation to find the right loan program that you may qualify for.

What Credit Score Do I Need?

Most loan program options require a credit score of 620 or higher if you’re a first time homebuyer. A higher credit score will get you a lower mortgage rate.

If you’re a first time homebuyer with a lower credit score, you may qualify for some loan programs such as an FHA loan. FHA loans allow for credit scores as low as 580 and only a 3.5% down payment.