Despite these harrowing times, you don’t have to put all your dreams on hold. Buying a house is still possible, and in some cases, more advantageous now. Virtual home tours make it so you can see a house from the luxury of your home. With a virtual tour, you’ll even be able to see more houses far more quickly than if you were there in person. Also, because many people are out of work or nervous about buying a house in these times, the market may be ripe for buying. You’ll likely have less competition, and sellers may be more willing to negotiate prices. Even if you don’t think you can afford your home, there are first time home buyer programs that will allow you to get the home of your dreams during this pandemic. Pioneer Mortgage Funding, Inc Lake Mary, located in Lake Mary, FL, is here to get you approved for a mortgage loan. Together, whether you’re an experienced or first time home buyer, we can get you the home you’ve always wanted. Below we’ll explain how you can still be eligible and how to get approved. 

First Time Home Buyer Programs

• USDA Loan
  • Approved through The U.S. Department of Agriculture, these are loans that can get you 100% financing but are aimed more toward people with lower incomes. In order to get one, you need to be buying a home in an area that is considered USDA-approved. 
• FHA Loan
  • This is a loan that is insured by the Federal Housing Administration. It’s best for people who haven’t saved up a lot of money and have low credit scores. The drawbacks, though, are that you will be forced to pay private mortgage insurance to protect the Federal Housing Administration in case you default on payments on your loan.
• State or Local Loans
  • In order to entice more people to move to them, some cities or states may offer special programs to first time home buyers. They can be anything from deferred payments to low-interest loans. That said, your income usually needs to be under a certain number to qualify for these programs. 

How To Get Approved

One of the main keys to getting successfully approved for a mortgage loan is to have good credit. The higher, the better, but as long as your credit score is over 620, you should get approved. Next, you’ll want to prepare all the necessary information needed to get approved, like your recent pay stubs, your W-2, bank statements, and all the information needed to prove that you are you, like, for example, a driver’s license, birth certificate, passport, etc. Your mortgage pre-approval will tell you how much you can borrow and at what interest rate you’ll have to pay it back. Once you have everything you need, you should be able to do everything online, so that you don’t have to meet with someone in person.

Contact Us Today

If you’re looking to buy a home in Lake Mary, FL, call Pioneer Mortgage Funding, Inc Lake Mary today. There are first time home buyer programs you may be eligible for, and we can help. Your first home is not unachievable.