Becoming a homeowner is as rewarding as it is complex. From finding the right type of mortgage loan, to budgeting for your new mortgage payment, there are plenty of questions to ask and even more tools to help you get prepared. At VanDyk Mortgage, we work diligently to make your home buying experience as enjoyable and stress-free as possible. By offering loan programs to first time home buyers, we provide valuable resources during this hectic and exciting time!
First-time home buyers are eligible for a variety of loan programs to assist with their first major purchase. Listed below are some loan program options we offer to help you start your home buying journey:
- Minimum FICO: 620
- Down Payment: 5% Minimum
- 3% Down Payment Available for Certain Loan Programs
- Occupancy: Primary, Secondary, Investment
- PMI Required if Less: 20% Down or LPMI
- Gift Funds Allowed
- Up to 9% Seller Contributions
*Depends on LTV
- Minimum FICO: 580 with DTI Limits 640 High Balance with Limits
- Down Payment: 3.5% Minimum
- Occupancy: Primary
- UFMIP Financed: Monthly MI Required
- 100% Gift Funds
- Up to 6% Seller Contributions
- Must be FHA Approved
- Minimum FICO: 580 with DTI Limits 640 High Balance with Limits
- Down Payment: No Down Payment Required
- Occupancy: Primary
- No Monthly MI
- 100% Gift Funds
- Up to 4% Seller Contributions + 100% seller contributions toward all closing costs and prepaids
- Must Be VA Approved
- Minimum FICO: 581 with Manual UW
- Down Payment: No Down Payment Required
- Occupancy: Primary
- Upfront Guarantee Financed
- Annual Fee Required
- Up to 6% Seller Contributions
Beginning your homebuying journey can certainly be challenging, so finding the right assistance is important. Having closed over 120,000 mortgage loans, VanDyk Mortgage has been your trusted loan advisor since 1987. With extensive knowledge and exceptional customer service, we are here to help you navigate the process with ease. To begin your homebuying journey, contact us today!
A recent survey by Ipsos shows that there are some common misconceptions when it comes to obtaining a mortgage.
40% of consumers are still under the impression that you must have a minimum of 20% towards a down payment.
There are many loans available that require as little as 3% down; sometimes even less.
62% of survey responders believed that they needed excellent credit to buy a home, with 43% assuming that a “Good Credit Score” was anything over 780.
After reviewing the actual credit score numbers of approved conventional and FHA mortgages, we learned that this misconception was not true.
Mortgage loan rates are still low!
Get Pre-Approved or call a licensed loan originator now at 1-888-482-6395 to get started.
VanDyk Mortgage has been your trusted loan advisor since 1987. For questions about the mortgage process, contact us today!
We recommend starting the pre-approval process as soon as, or even before, you begin your home search. In a seller's market, homes that have been listed for less than a week, can have multiple offers. Having a solid pre-approval gives you a competitive advantage over other offers.
Yes, you can receive help from family members with your down payment. However, proper documentation is required, so we advise you to not transfer any money until we have reviewed your specific circumstance.
By providing your loan originator the required documentation, which includes, but is not limited to, income, credit history, and size of down payment, a detailed analysis will be provided that includes your maximum loan amount.
While many mortgage lenders are still quoting 10-minute pre-qualifications over the phone or online, a true mortgage approval is one that has been issued by an underwriter who has reviewed all the necessary documents.
These are the items you will need for a mortgage pre-approval:
