Stories

First-Time Homebuyers

1

Can I Buy a House?

2

The Homebuying Process

3

The Application & Mortgage Process

4

Your Mortgage Closing

Read stories from other people whose journeys were all different, but the result was the same – they found home.

“The rate is only a piece of the puzzle but shouldn’t be the entire decision maker.”

I’m still currently living in my first home with a 30-year fixed conventional mortgage. It’s a condo, but it’s the perfect first home for me! I’m a single young professional, so it’s just enough space for one person and it’s close to downtown and all major highways. I always thought renting was a waste of money and it was a goal of mine to buy my first place all on my own.

One of my favorite memories is just the fact that this was something I did all on my own without any help from anyone else. I didn’t go away to college, so this is my first experience living on my own and to know it is a place that I own makes it a hundred times better. My advice is to choose the right loan officer who’ll walk you through every step of the process. Homeownership is truly the American Dream, so knowing that I achieved this on my own at such a young age is so empowering.

See if a fixed-rate conventional loan is also right for you

“Don’t feel like you must buy the perfect home the first time, you’ll likely buy again – and you have time to build equity and find your forever home!”

I bought my first home right before my first daughter was born. It was a starter home that met our requirements – just the right size for our small family, affordable enough, and it was in a newer area that people were moving into. I wanted a place to call my own, that I could fix up, and know that it was going to be a place my family could call home. We eventually sold it and used the profit to move up to our second home that was much larger when our second daughter was born.

My first home was a steppingstone to my next house and allowed my family to create financial stability and net worth. Today, the home I own is a result of the money and equity that I made by purchasing my first home. I got a 30-year fixed conventional mortgage for my first home. Had I known more about VA loans, I would’ve used it at the time – the VA loan is a huge benefit for our Veterans, including myself.

See if a fixed-rate conventional loan or VA loan is also right for you

“What you purchase is yours and so you want it to grow in value – take pride in the first home you own.”

My first home was a townhouse. I purchased it in 1984 with my sister with a 30-year conventional mortgage. I was 20 years old, and my sister was 19. We felt it was the right thing to do to start out our lives by investing in real estate. Since that first property, I’ve owned four other homes and investments, and with each one, I found that real estate is a very good, long-term investment.

My advice is to make the decision to be a homeowner — just be prepared financially and emotionally before jumping in. Fun fact: My next door neighbor when I lived in my first townhouse was the 1985 Super Bowl Champion Chicago Bears punter!

See if a conventional loan is also right for you

“My advice is to ask for help. Housing counselors are a great resource.”

After searching for a year in a challenging market, I found an affordable fixer-upper. I applied for an FHA loan unsure if I could qualify with my income — but my loan officer secured the loan approval and a seller concession to help with closing costs!

I hired a home inspector to find any issues that required immediate attention and an attorney to review documents and answer questions I had at the closing table — allowing me to sign on the dotted line without hesitation. When I began looking for a home, I had to set realistic goals and be ready to persevere. It doesn’t matter how long it takes to achieve the dream; the journey is just as important as the destination.

See if an FHA loan is also right for you

“Find a team of professionals that can help guide you through the path to homeownership.”

My family and I uprooted to start fresh in Arizona and fell in love with the perfect-sized first home in a great neighborhood on a premium lot with a mountain view. We qualified for a USDA mortgage because the area was still considered rural.

I remember not feeling confident we would be approved for a mortgage, and worried about all the ways the deal could go sideways — even after we were given the keys to our new home. It wasn’t until I was in the house cleaning before the move that it finally hit me that I was a homeowner, and I burst into tears of joy. Being a homeowner has helped me by creating a permanent, safe space for myself and my family. It’s also helped me be more confident and empowered because I was able to overcome a hurdle that I never thought I’d be able to achieve — having my own home.

See if a USDA loan is also right for you