How to Qualify for a first time home buyer

1
How to Qualify for a first time home buyer

• Forgivable loans or grants that do not need any
  repayment are available to low and
  moderate-income borrowers by state first-time
  homebuyer programs. Some approval standards
  depend on the program and the location. These
  approval standards include household income and
  home sale price limits.
• https//omac-mortgages.com/first-tim
  e-home-buyer-qualifications/

2
How to Qualify for Down Payment Assistance
Like grants, down payment and closing cost
assistance are provided by the local and state
housing governments. In this, qualifications
standards depend on the income and the home sale
price caps. Do not be surprised if the first-time
homebuyer class is needed to qualify for the
grant or the down payment assistance. These
classes are designed to help p you to solve the
home buying process.
3
How to Qualify for First Time Home Buyer Loans-
Requirements

• Qualifications required for the approval of the
  loan depend on the loan types. These loan types
  include conventional loans, FHA, VA, and USDA
  loans.  
• Conventional Loans
• In these loans, you will need at least a 620 FICO
  and 50 below debt to income ratio. With a higher
  credit score and lower debt, your chances for
  approval will be more.
• FHA Loans
• In these loans, you will need a FICO score of 580
  or higher if you want a down payment as low as
  3.5. With 10 down, you need credit score may go
  as low as 500.
• VA Loans
• In these loans, there is no requirement for a
  down payment. While these loans do not have a
  FICO score as a part of their official
  requirements, many lenders search for the 580 to
  620 score.

4
Conclusion about How to Qualify for First Time
Home Buyer

• In a nutshell, First Time Homebuyers have access
  to many grants and financial help. This can make
  the answer of how to qualify for a first-time
  homebuyer easier. Moreover, first-time buying
  assistance includes help with down payments or
  closing costs. Finally, you might be able to get
  help from OMAC mortgages if you want to fulfill
  your income standards. You can easily qualify for
  a first-time buyer with the help of OMAC
  mortgages. Hence, it will be beneficial for you
  if you choose OMAC mortgages to qualify for a
  first-time homebuyer.

5
CONTACT US

• Email info_at_omac-mortgages.com
• Call us now 1-662-200-5160