🏡✨ First Time Home Buyer – Everything You Need to Know to Get Started ✨🏡
If you’ve owned a home in the last 3 years, you may not qualify as a First-Time Home Buyer… but if you haven’t, you probably do! And you’re not alone. Over 31% of buyers today are FTHBs, and that number continues to grow. Why? Because homeowners have a net worth that’s 44x greater than renters on average. That’s long-term wealth building. 💪
So what programs are available?
There is NO one-size-fits-all loan anymore.
🔹 Conventional Loans – As little as 3% down, up to 97% financing, options for primary homes, second homes, and even investment properties. Low mortgage insurance and sometimes appraisal waivers.
🔹 FHA Loans – 3.5% down, higher debt-to-income allowances, lower credit score flexibility, great for FTHBs. FHA also offers streamlined refinances and rehab loans up to $75,000 with up to 96–97% financing.
🔹 VA Loans – 0% down for eligible active-duty and veterans, higher DTIs allowed, lower rates, and IRRRL streamline options. Can even be used for multi-units.
🔹 USDA Loans – Zero down, lower rates, rural area eligibility, no traditional PMI.
🔹 Non-QM Options – Bank statement loans, asset-based income, rental income qualification — even options if you’re self-employed or don’t show traditional income on tax returns. Yes, credit still matters.
💰 Down Payment Assistance?
There are over 2,000 DPA programs nationwide (city, county, state, national). Assistance can range 1–5%, sometimes structured as a silent second — some repayable, some not. Income limits may apply.
🎁 Gift funds?
Yes! Family gifts (not loans) and even gift of equity are allowed — typically up to 6% depending on program.
Before shopping, here’s what I tell every FTHB:
✔️ Submit for a true Pre-Approval, not just a Pre-Qual
✔️ Know your payment, rate, APR, and term
✔️ Understand closing costs and whether there are mortgage points
✔️ Ask about minimum credit and income requirements
✔️ Review debt-to-income ratios, employment history, and credit history
✔️ Ask if there are prepayment penalties (rare, but ask!)
If you’re self-employed, lenders will review two years of tax returns, business accounts, and may allow alternative income like bank statements or asset income.
The process?
Initial application → Provide documentation → Get fully Pre-Approved → Shop with confidence. 🎯
Buying your first home is a big step — but with the right strategy and loan structure, it’s absolutely achievable.
If you’re thinking about purchasing, let’s build a plan that fits YOUR goals — payment, term, down payment, and long-term wealth strategy.
Homeownership is still one of the most powerful financial tools available. 🏠💙
🌟 Why Work with Affordable Interest Mortgage?
Here’s how we help our clients every day:
💼 Conventional Loans – Great for buyers with strong credit, offering competitive rates and as little as 3% down.
🏡 FHA Loans – Ideal for first-time buyers, offering flexible credit, low down payments, and streamlined refinance options.
🎖️ VA Loans – No down payment required and incredible benefits for our Veterans and active-duty service members.
🌾 USDA Loans – Perfect for buyers in rural areas, featuring zero down and low interest rates.
📊 Non-QM & Specialty Loans – Designed for the self-employed or those with unique financial situations using bank statements, asset income, or rental income to qualify.
💰 Refinances & Debt Consolidation – Lower your monthly payment, combine debts, and take control of your finances.
🏘️ Investment & Second Homes – Flexible options for building wealth or enjoying that vacation getaway.
When you work with AIM, you get expert guidance, transparent communication, and competitive options.
With gratitude,
Kurt Rogers
Managing Broker | Affordable Interest Mortgage
NMLS #217147 | IMB #2191655
Equal Opportunity Lender | Regulated by the Division of Real Estate
📞 (720) 895-0500
🌐 www.aimortgage.net
