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First Time Home Buyers
First-time home buyers may not know where to start. We understand that. That's why we start with a quick 10 minute, casual conversation. We will get a better understanding of your goals and get you on the right path to buying your first home.
First-Time Home Buyer Consultation Call
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Mortgage rates below the national average
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Low down payment options
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Five-star service to guide you through the homebuying process
Why so many first-time home buyers choose us.
Five Star Service
We have an unwavering commitment to our clients. Read a few of our 200+ reviews on Google, they will tell you better than we can! You can can count on our commitment to being available when you need us, answering your questions, and handling your loan with the care it deserves. Our company is built around owners and stakeholders, rather than employees. Quite frankly, your satisfaction means more to us.
Our mission is to help you save. You work hard to afford your home, don't pay more than necessary. We monitor our rates everyday to make sure that we are giving you the best mortgage at the lowest rate possible. Since our company is built around owners, we have eliminated high sales commissions which results in lower rates for you.
Our family has over 50+ years of combined experience helping families buy homes. We have closed thousands of loans for people just like you, giving us the experience and expertise to close your loan quickly and efficiently.
First-Time Home Buyer Programs
If you are buying your first home, there are several great first-time home buyer programs that can help make your new home affordable, both from a down payment and monthly payment standpoint. Everyone has a unique scenario, so it's not a one-size fits all situation. That is where our expertise comes into play. We have helped thousands of home buyers, so we can help separate the options and quickly match you with the perfect first-time home buyer program.
Most Popular First-Time Home Buyer Programs
Mortgage Rates for First-Time Home Buyers
As a first-time home buyer, your mortgage rate is an important factor in your home buying affordability. Our company is built to offer lower mortgage rates which will help make your first home affordable.
On average, our mortgage rates are .326% lower than the national average. This equates to $23,836 in life of loan interest savings. See details on rate savings calculation here.
Popular First-Time Home Buyer Topics
First-Time Home Buyer Basics
What is the minimum credit score for first-time home buyer loans?
You will typically need a minimum credit score of 620 to buy your first home. There are some exceptions but that is a a general standard for most lenders. To learn more about credit scores and how to improve your score, visit our Credit Scores Learning Center.
If you have a credit score of 700 or higher, a Conventional loan may be your best option. You can get a low Conventional mortgage rate and avoid upfront mortgage insurance premiums.
FHA Home Loans are great options for first-time home buyers with credit scores from 620-700. FHA mortgage rates do not increase significantly based on credit score so they can be a great mortgage option for first-time home buyers with less than perfect credit.
How much money do I need to buy a home?
The money you bring to closing is made up of two parts: your down payment and closing costs.
A down payment is the portion of the sales price you pay when you buy a home. Your minimum down payment is based on the loan program you use to purchase your home. Here is a brief summary of the down payments required on the most popular first-time home buyer programs.
Conventional Loans - 3%
FHA Home Loans - 3.5%
VA Home Loans - 0% (must be an eligible Veteran)
USDA Home Loans - 0% (must buy a home in a USDA eligible area)
Closing costs are the fees and expenses you must pay to finalize your mortgage. Your closing costs are based on how much home you're buying, how much money you're borrowing, and your geographical location. A general rule of thumb to estimate your closing costs is to use 3% of the sales price.
Important Note: Sellers can pay all or part of your closing costs. This is a negotiable item in your offer to the property seller.
You can learn more about down payment and closing costs in our Home Buying Learning Center.
Are there grants or down payment assistance for first-time home buyers?
We offer four different first-time home buyer programs that offer down payment assistance. These special feature loans either come in the form of a grant or a second mortgage and may have higher rates than loans without down payment assistance. Some of the grant and/or down payment assistance programs will have borrower income limits, so not all first-time home buyers will qualify.
First-Time Home Buyer Programs
We will review and discuss the first-time home buyer programs that best fit your financial needs.
Program Qualification Requirements
We can discuss your particular financial picture to prepare you for the documentation and underwriting requirements specific to your situation.
Home Buying Budget
One of the most important parts of the homebuying process is to determine your home buying budget. We can talk real numbers in regards to down payment and monthly house note.
A human experience with online ease.
1. Consultation
Our 10 minute consultation is quick and casual. Help us understand your goals so we can put you on the right path.
2. Application
Apply online or over the phone. We will give you a same day preapproval and get the loan process started.
3. Processing and Underwriting
Our loan process blends electronic document submission and automated updates with a human touch. We are always available to answer your questions.
4. Closing
Electronically sign some of the forms before closing, and then meet us at the closing attorney to sign the notarized documents.
Become our customer and we will make you a fan.
"made me feel confident and prepared for the home buying process"
Travis Chapman and Chase Newell were both great to work with. From the first phone call, Travis made me feel confident and prepared for the home buying process. He explained in depth different kind of loans, what to consider, and how the process would work. During the process, Chase was quick to respond and made sure I was updated every step of the way. Highly recommend using Local Mortgage Inc. for your home buying needs!! I am confident I will use them in the future.
"advantageous mortgage for my first home"
Derek at Local Mortgage was a great help with getting me an advantageous mortgage for my first home. He was happy to answer any questions I had and the process went smoothly. I'd recommend checking him out for your home buying needs.
"the best rate and payment for my loan"
Travis and his team were simply amazing! They understood my needs perfectly and worked to get me the best rate and payment for my loan based on my needs! They were always friendly, with the best attention and communication! Everything was very fast and satisfactory, I couldn't be more grateful to them, their work and their attention! I wouldn't hesitate twice to buy my second home with them! Thank you guys.
Our Approved States
We are located in the heart of Memphis, Tennessee and proudly serve our hometown of Memphis and the surrounding areas. Being a local mortgage lender, we are able to provide the best mortgage at the lowest rate to the communities and neighborhoods where we work and live.
By investing in the best technology and committing to the highest levels of service, we are able to deliver our hometown service across a wider geographic footprint with no sacrifices. Home buyers and homeowners in the states listed here can also get the best rate and experience our five star service.
Colorado
Florida
Georgia
Mississippi
Tennessee
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