What Mortgage Information Do I Need to Know?

First-Time Home Buyers: Mortgage Information

Getting lost in loan lingo?

There are Conventional, FHA, VA, and USDA Loans—find out which one is right for you with the click of a button! Contact Our Team  for more info!

List of Mortgage Lenders 

Fairway Independent Mortgage Corporation – Karen Holder Guinn, Branch Manager
📞 (919) 852-2545 | Start Loan Application Now

Carolina Family Mortgage Group, Inc – Sara Hoopes, Mortgage Loan Officer
📞 (910) 478-8014 | (910) 346-1146 Office

Navy Federal Credit Union – Tracey Adams, Mortgage Loan Officer
📞 (252) 571-1536 |  910-467-0705 Office

Reputable Mortgage Lenders can:

  • Determine which mortgage is best for you – VA, FHA, Conventional, or USDA loan.
  • Pre-qualify you for a loan in just a couple of hours—not 3 or 4 days like some lenders.
  • Determine your loan amount, so you can start your home search TODAY!

Getting Pre-Qualified is required prior to making an offer on a home and should be done before you start your home search. Knowing your Maximum Purchase Price lets you shop with confidence.

Common Mortgage Options for First-Time Home Buyers

  1. Conventional Loans

    • Require a minimum credit score of 620.
    • Down payments can be as low as 3% for first-time buyers.
    • Private Mortgage Insurance (PMI) is required if the down payment is less than 20%.

  2. FHA Loans (Federal Housing Administration)

    • Suitable for buyers with lower credit scores (minimum ~580, though some lenders allow 500 with a higher down payment).
    • Down payments start at 3.5%.
    • Backed by the government, making lenders more lenient.

  3. VA Loans (Department of Veterans Affairs)

    • Available for eligible veterans, active-duty service members, and their families.
    • No down payment or PMI required.
    • Competitive interest rates and favorable terms.

  4. USDA Loans (United States Department of Agriculture)

    • For buyers in rural and suburban areas.
    • No down payment required.
    • Income limits apply based on location and family size.

  5. State and Local Assistance Programs

    • Many states offer first-time homebuyer programs, including down payment assistance, closing cost help, or tax credits.
    • Check with your state housing authority.

Steps to Prepare

  1. Check Your Credit

    • Review your credit report for errors and improve your score by paying down debt.

  2. Create a Budget

    • Include mortgage payments, property taxes, insurance, maintenance, and HOA fees (if applicable).

  3. Save for Upfront Costs

    • These include the down payment, closing costs (2-5% of the loan amount), and an emergency fund.

  4. Research Assistance Programs

    • Explore grants or forgivable loans for first-time buyers in your area.

  5. Work with Professionals

    • Partner with a real estate agent, lender, and possibly a financial advisor to navigate the process.

Free Mortgage Loan Options Guide

To help you learn about your mortgage options and make an informed decision, I’ve written a Mortgage Loan Options Guide.

  • Text "Mortgage Guide" to (910) 507-1700 to receive your FREE copy today!

Have more questions? Contact Our Team for expert guidance!

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