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Your Essential Guide to Buying a Home

Embark on your home buying journey with confidence. Our guidance offers important insights and resources to navigate the process of financing a home, from exploring loan options to sealing the deal.

Get Started on Your Mortgage Loan
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Key Points

  • Understanding the Home Buying Process

Familiarize yourself with each step, from house hunting to closing.

  • Loan Options Tailored to Your Needs

Explore various mortgage loan options, including many programs for first time home buyers.

  • Making Informed Decisions

Gain the knowledge you need to choose the right mortgage loan and the best financing to suit your lifestyle and budget.

Mortgage Loan Options

Conventional Mortgages:

  • Require a higher credit score and larger down payment than government-backed loans.
  • Offer flexibility in terms and loan amounts.
  • Private Mortgage Insurance (PMI) normally required for down payments less than 20%.

FHA Loans:

  • Lower minimum credit score and down payment requirements.
  • Ideal for first-time homebuyers.
  • Mandatory mortgage insurance regardless of down payment size.

VA Loans:

  • Available to veterans, active-duty service members, and certain military spouses.
  • No down payment and no PMI required.
  • Limited to primary residences.
  • No loan amount limits.

USDA Loans:

  • Targeted at homebuyers in rural areas.
  • No down payment required.
  • Income and geographic restrictions apply.
Adjustable-Rate Mortgages (ARMs):
  • Lower initial interest rates that adjust over time.
  • Suitable for buyers planning short-term ownership.
  • Caps on periodic and lifetime interest rate adjustments provide some protection against large increases.

Fixed-Rate Mortgages:

  • Interest rate remains the same for the life of the loan.
  • Predictable monthly payments.
  • Typically available in 10, 15, 20, 25 or 30-year terms.

Jumbo Loans:

  • For properties that exceed standard loan limits.
  • Higher credit score and down payment requirements.
  • No private mortgage insurance required.

Physician Mortgage Loans:

  • Designed for medical professionals often with more lenient DTI requirements.
  • Do not require PMI and offer flexible down payment options, including no down payment requirements.
  • Typically include doctors, dentists, new graduates, medical residents and other qualifying medical practitioners.

First-Time Buyer Programs:

  • Often provide down payment assistance, lower closing costs  and/or favorable loan terms.
  • May include education requirements for first-time buyers.
  • Income limits may apply.

Buying a Home? We're With You Every Step of the Way.

Points for First-Time Buyers:

  • Consider special programs aimed at first-time buyers for additional benefits.
  • Understand the importance of credit score and debt-to-income ratio.
  • Explore down payment assistance programs.

Buying a home is a significant milestone, and the process can seem overwhelming, especially for first-time buyers. It begins with understanding your financial standing and determining the type of property that fits your needs. Getting pre-approved for a mortgage gives clarity on what you can afford and strengthens your position in negotiations.

The house hunt is where dreams start to take shape. Once you’ve found a home, making an offer, negotiating, and closing are crucial steps. Throughout this journey, choosing the right mortgage is key. For first-time buyers, programs like FHA and USDA loans offer accessible entry points into homeownership.

Remember, every home buying journey is unique. Being well-informed and prepared can make the experience rewarding and fulfilling.

 

FAQs

Begin with a financial assessment and getting pre-approved for a mortgage loan.
Our HomeZero program, FHA loans, USDA loans, and down payment assistance programs are often best for first time home buyers.
Your credit score significantly impacts loan eligibility and interest rates.
Yes, several loan programs offer low or no down payment options.
The process includes financial preparation, house hunting, making an offer, negotiation, obtaining loan approval and closing
A real estate agent assists in finding suitable properties, negotiating offers, and guiding you through the buying process.
On average, it can take several months from house hunting to closing, depending on various factors.
Closing costs are fees associated with finalizing a mortgage, typically ranging from 2% to 4% of the loan amount.
Yes, a home inspection is crucial to identify any potential issues with the property.
It depends on the program, but many down payment assistance programs are compatible with a variety of loans.

The Doce Group's Unwavering Commitment

By understanding these aspects, prospective homebuyers can navigate the complexities of financing a home, making well-informed decisions that lead to successful homeownership. At The Doce Group, we are dedicated to guiding you through each step, ensuring your first home purchase is a memorable and smooth experience.

Find The Right Mortgage

  • For more than 36 years, Alex has been helping customers achieve their home purchase and refinance goals by providing them with invaluable resources and support.
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  • Mortgages available in Alabama, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Wisconsin and Wyoming.

Get started now on making your financial goals a reality.

  • We match you to the loan and interest rate that will make your home your best investment yet.
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Alex Doce NMLS 13817.
The Doce Group Powered by First Community Mortgage NMLS 629700.
For licensing information, go to: www.nmlsconsumeraccess.org.
Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Loan approval and terms are dependent upon borrower’s credit, documented ability to repay, acceptability of collateral property, and underwriting criteria.

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