First-Time Homebuyer

The Reichert Mortgage Team

At Reichert Mortgage Team, our experts are dedicated to helping you, no matter where you are in your homeowner journey. The process of buying a home can quickly become stressful and overwhelming; we are here to help educate and provide you with resources that will make the process easier. Our experienced mortgage brokers will use their expertise to help make your dream home a reality.

Whether you are expanding your family and are ready to lay down roots, or are ready to transition from a renter to a homeowner, our helpful team is here for you. Becoming a homeowner is an exciting experience, but it can also seem like a formidable task. We want you to enjoy the homebuyer process as much as possible, because it is a journey that deserves to be celebrated. Being in a place in your life where you are ready to become a homeowner is a wonderful accomplishment. With the Reichert Mortgage Team on your side, you will be able to find a mortgage program that is perfect for you and will help you kickstart this new chapter in your life.

First-Time Homebuyer Programs

There are tons of resources available in the housing market, you just have to know where to look. We are going to walk you through some of the best programs that are on the market for first-time homebuyers.

Colorado Housing and Finance Authority

CHFA was created to help Colorado achieve stable housing options and economic growth. If you have had your eye on your favorite house in the neighborhood for some time, but are worried about being able to save enough money for a down payment, CHFA may be able to help. The Colorado Housing and Finance Authority runs a down payment and closing cost assistance program to help finance home purchases.

Federal Housing Administration Loan​

FHA loans are mortgages issued by an FHA-approved lender. These loans are great for first-time homebuyers because they are created for low-to-moderate income borrowers, have lower closing costs, require a lower minimum down payment and require lower credit scores than most conventional loans. FHA-approved lenders are able to offer their customers a better deal because the loan is insured by the FHA.

VA Loans

VA loans are an amazing option for active and retired military personnel. This particular loan program accepts lower credit scores and requires absolutely no money for a down payment. A VA home loan also offers competitive interest rates. These benefits create a more accessible opportunity for veterans to own a home.

USDA Loan

The U.S. Department of Agriculture created a direct loan program to enable applicants with a low income to obtain decent, safe and sanitary housing in qualifying rural areas. This program provides payment assistance to increase an applicant's payment ability. Usually, no down payment is required and low interest rates are available. This is a wonderful option for homebuyers who may not be eligible to receive a traditional mortgage.

Make Home Buying Easy With The Reichert Mortgage Team

As one of the top mortgage brokers in Colorado Springs, it’s important to us to provide resources for homebuyers in all stages of their home owning process. Whether it’s your first home, or your fifth, we want to be able to help you! As a first time home buyer, the process can quickly become confusing and overwhelming. With Reichert Mortgage Team on your side, you’ll have access to all the resources necessary to help make the process as simple as possible. One way we love to help our clients is by writing blogs filled with tons of information that they can reference. Make sure you take a look!

First-Time Home Buyer FAQ

Of course, if you’ve never owned a home before, then you qualify as a first-time home buyer. According to the FHA and multiple lenders, you may also qualify if:

  • You haven’t owned a primary residence for at least three years.
  • You’ve owned one property that sustained damage to the point it doesn’t meet local and state codes, and repairs would cost more than buying a new home. 
  • You have owned a primary residence but it wasn’t permanently attached to the foundation, such as a mobile home.
  • You’re a parent who divorces or separates and your last primary residence was jointly owned by the two of you.

The ideal percentage of your income that should go towards your mortgage is 28 percent. This amount includes what goes towards your taxes and homeowners insurance, if they’re not included in your mortgage payment.

DTI means debt-to-income ratio. It’s the amount of debt you pay each month compared to your gross monthly income. Typically, lenders want your DTI to be less than 38 percent, with no more than 28 percent going towards your mortgage payment.

When calculating how much money you’ll be spending on your home, you should include utilities, property taxes, homeowner association fees and city taxes. Some of these may not apply to your home, but if they do, make sure you include them in your monthly costs.

The best way to find a real estate agent that you’ll trust is by asking your friends and family for recommendations. Remember, before you choose a real estate agent, make sure to conduct interviews and research them online to make sure they’ll be a good fit for you.

When you apply for a mortgage, you’ll need to bring the following:

  • Social security number
  • Pay stubs from the last two months
  • Bank statements for the past three months
  • W-2 forms for the past two years
  • One to two years of your federal tax returns
  • Information on any current debt
  • A signed contract of sale, if this applies to you

Reichert Mortgage Team Is Here For You

If you are ready to become a homeowner, then our energetic team of experts is ready to help! We will discuss all of your options with you, and make sure to find you the most affordable mortgage depending on your unique situation. Whether you are a veteran or are classified as low income, we have a plethora of knowledge to help find you the best rates and deals. Please get in touch and let us help you find an appropriate home mortgage.

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