{"id":2495,"date":"2017-04-24T10:54:03","date_gmt":"2017-04-24T15:54:03","guid":{"rendered":"https:\/\/riverbankfinance.com\/blog\/?p=2495"},"modified":"2017-04-27T11:35:04","modified_gmt":"2017-04-27T16:35:04","slug":"three-rules-for-first-time-homebuyers","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/three-rules-for-first-time-homebuyers\/","title":{"rendered":"Three Rules for First-Time Homebuyers"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Ready to stop wasting money on rent and invest in your own home? As a <a href=\"https:\/\/riverbankfinance.com\/mortgage-programs\/first-time-home-buyer.html\">first-time home buyer<\/a>, the process may seem overwhelming. Here are three rules for first-time home buyers and a basic run-down of everything you need to know to buy your first home.<\/span><\/p>\n<ol>\n<li>\n<h1><b>Get your finances in order<\/b><\/h1>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">First and foremost, you need to get your finances in order to qualify for a mortgage. You don\u2019t have to have perfect credit in order to get a mortgage, but most loans do have minimum credit score requirements. So it\u2019s not a bad idea to clean up your credit as best as you can. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">When lenders consider you for a mortgage, they want to see that your finances are consistent. Keep these things in mind when applying for a mortgage: <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Don\u2019t quit or change your job<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Don\u2019t make any major purchases, such as furniture, jewelry, or vehicles<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Check with your mortgage officer before you move or withdraw any large amounts of money from your accounts<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Check with your mortgage officer to find out whether you should pay off your debts or collections<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Don\u2019t use cash for a good-faith deposit, because it\u2019s hard to track<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Don\u2019t have your credit report pulled too many times, because it can hurt your credit score<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Before you get a mortgage, you\u2019ll also have to get all of your documentation in order, including two years of W2 statements, tax returns (if commission or self-employed), 2 months of bank statements, drivers license and social security card. When you apply for the loan, you\u2019ll need to provide all of the documentation to the lender within 24 hours, otherwise your loan closing could be delayed.<\/span><\/p>\n<ol start=\"2\">\n<li>\n<h1><b> Understand your mortgage options<\/b><\/h1>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">When you talk with a loan officer, he or she can help you navigate all of the available mortgage options. In the past, 20% down payments were required, but programs are available that can help first-time home buyers put down as little as 1% on a 15 or 30-year fixed loan with a low interest rate and no Private Mortgage Insurance (PMI). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Riverbank Finance offers low and <a href=\"https:\/\/riverbankfinance.com\/mortgage-programs\/buying-a-home-with-no-down-payment.html\">no-down payment loans<\/a>, including government programs, such as the FHA loan, VA loans, and USDA Rural Development home loan. Riverbank also offers a <a href=\"https:\/\/riverbankfinance.com\/mortgage-programs\/conventional-1-percent-down-mortgage.html\">1% Down Conventional Mortgage<\/a>, where the borrower only needs a 1% down payment and the lender contributes 2% to give the borrower 3% equity upon closing. <\/span><\/p>\n<ol start=\"3\">\n<li>\n<h1><b> Be ready to close on the house<\/b><\/h1>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Knowing the home buying process can help you be prepared so you can close on the house without delays. \u00a0After you\u2019ve submitted all of your documentation and your mortgage is approved, you can begin home inspections and the home appraisal. The home appraisal typically costs between $400 and $600, which you\u2019ll have to pay with a credit or debit card before closing. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once the house is inspected and appraised, you can schedule the closing with your Realtor and the seller. Your loan officer and the title company will work together to finalize the closing costs. Closing costs typically run between 2 and 5 percent of the total price of the home you\u2019re buying. If you are short on funds ask your loan officer about solutions to have your closing costs paid for you. From the application to closing, the process averages between 30 and 60 days (although Riverbank Finance may be able to close in under 2 weeks), and then you\u2019ll get the keys to your new home.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From start to finish, Riverbank Finance can help you purchase your first home. Contact us at (800) 555-2098 to schedule a consultation with one of our loan officers.<\/span><\/p>\n\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f185-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"185\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/blog\/wp-json\/wp\/v2\/posts\/2495#wpcf7-f185-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"185\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f185-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/><input type=\"hidden\" name=\"_wpcf7_recaptcha_response\" value=\"\" \/>\n<\/fieldset>\n<div class=\"ApplyFullHeader\" id=\"apply_form\">\n\t<p class=\"replaceheader\">Request Information Now!\n\t<\/p>\n<\/div>\n<div class=\"blueBox\">\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Name (required)\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Email (required)\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-phone\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Phone:\" value=\"\" type=\"text\" name=\"your-phone\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-goal\"><select class=\"wpcf7-form-control wpcf7-select\" aria-invalid=\"false\" name=\"your-goal\"><option value=\"Purchase\">Purchase<\/option><option value=\"Refinance\">Refinance<\/option><option value=\"Cash Out\">Cash Out<\/option><option value=\"More Information\">More Information<\/option><\/select><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-message\"><textarea cols=\"40\" rows=\"10\" maxlength=\"2000\" class=\"wpcf7-form-control wpcf7-textarea\" aria-invalid=\"false\" placeholder=\"Your Message:\" name=\"your-message\"><\/textarea><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"referer-page\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text referer-page\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"referer-page\" \/><\/span><br \/>\n\t\n\t<\/p>\n\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner submit\" type=\"submit\" value=\"Submit Now!\" \/>\n\t<\/p>\n<\/div>\n<div style=\"text-align: justify; color:#666666;font-size: small;\">\n\t<p>By clicking \"Submit Now!\", you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg\/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.\n\t<\/p>\n<\/div><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"148\"\/><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\ndocument.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );\n\/* ]]> *\/\n<\/script>\n<\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Ready to stop wasting money on rent and invest in your own home? As a first-time home buyer, the process may seem overwhelming. Here are three rules for first-time home buyers and a basic run-down of everything you need to know to buy your first home. Get your finances in order First and foremost, you<a class=\"excerpt-read-more\" href=\"https:\/\/riverbankfinance.com\/blog\/three-rules-for-first-time-homebuyers\/\" title=\"ReadThree Rules for First-Time Homebuyers\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":11,"featured_media":2500,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[301,307,70,308],"tags":[756,12,106,816],"class_list":["post-2495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-fha-mortgage","category-first-time-home-buyer","category-mortgage-tips","tag-1-down-mortgage","tag-fha","tag-first-time-homebuyer","tag-loan"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/comments?post=2495"}],"version-history":[{"count":4,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2495\/revisions"}],"predecessor-version":[{"id":2501,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2495\/revisions\/2501"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/media\/2500"}],"wp:attachment":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/media?parent=2495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/categories?post=2495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/tags?post=2495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}