First Time Home Buyers
Becoming a first time homeowner is a major milestone that should be celebrated, but the excitement of buying a house can be quickly overshadowed by stress. What type of lender should you work with? What kind of loan should you get? And how long will the whole process take?
It’s normal for first time buyers to have a lot of questions, but purchasing your first house doesn’t have to be as complicated as it seems. In fact, if you work with the right lender, everything from filling out your first application to signing your final closing documents can be relatively stress-free.
At Veritas Funding, we go out of our way to ensure our first time homebuyers are not only initially educated, but continuously informed as well. We make things as simple and straight forward as possible, walk you through every step of the process, and promptly address any concerns or questions you may have. We genuinely care how you feel throughout the entirety of your loan, and we’re more than willing to do whatever we can to improve your homebuying experience.
Understanding the Steps in the Homebuying Process
Step 1: Applying
Once you know you’re interested in buying a house, you can either meet with one of our Loan Officers in person or submit an application through our app. We’ll ask you to answer some simple questions so we can learn more about you, your history, and your home buying needs.
Step 2: Processing
We will collect and verify the information we need to move your loan along in the process. This is usually when an official credit report is ordered, your employment and bank deposits are verified, and a title, appraisal, and inspection are ordered for the house you’re interested in.
Step 3: Underwriting
This is when we closely evaluate all of your documentation needed to complete your loan. We will review the loan program, property, and customer qualifications, double check for accuracy and eligibility, and be on the lookout for any red flags or mistakes.
Step 4: Funding and Closing
All of the final documents will be signed and your loan funds will be transferred. Once this is done, your loan process is officially complete!
Mortgage Payment Calculator
Just because you know how much a home costs doesn’t mean you know how much your mortgage might be – Your loan type, interest rate, down payment, insurance, and taxes all play a role as well. Try using our Mortgage Payment Calculator to estimate your monthly payments the right way.
Down Payment Calculator
How much money should you really save before purchasing a home? Answer a few simple questions and our Down Payment Calculator will help you understand your options.
Rent vs. Own Calculator
The choice between renting or buying a home is one of the biggest decisions you can make, but our Rent vs. Own Calculator simplifies things. Compare the cost of renting vs. buying by entering a home’s purchase price, loan term, down payment, and more to see the upfront and recurring costs.
Purchasing Power Calculator
If you’ve ever wondered just how much a higher down payment or lower interest rate might affect what homes you can afford, our Purchasing Power Calculator is the tool for you. Compare multiple scenarios side by side to see the difference.
With a wide array of loan programs to suit almost every circumstance, our team of professionals can help you choose a customized home financing option that’s right for you. Let us help you make the transition to home ownership.
USDA Loans are home loans that are backed by the US Department of Agriculture. The USDA created this loan program in hopes of encouraging Americans to move to less developed areas – They offer lower interest rates and no down payment options to those buying or building a home in eligible regions. USDA Loans are a good option for low to medium income borrowers in rural areas. USDA Loans also:
VA Loans, also known as Veterans Affairs Loans or Military Home Loans, are mortgages backed by the Department of Veterans Affairs. VA Loans were created to specifically help America’s military personal purchase homes even when they may not otherwise qualify. In order to be eligible for a VA Loan, you must be either active-duty service member, an honorably discharged Veteran who meets certain qualifications, someone who has served more than six years in the National Guard or the Selected Reserve, or a spouse of a service member who died in service. VA Loans also:
An FHA Loan is a Loan backed by the Federal Housing Administration. Although FHA Loans tend to have more restrictions than Conventional Loans (certain homes may not qualify at all for an FHA Loan; townhomes, condos, and properties that need renovation will need prior FHA approval), they’re a good option for buyers with limited savings or lower credit scores.
Conventional Loans are the most common type of home loan, probably due to their many benefits – They generally have lower interest rates, more flexible loan terms, and fewer restrictions about what type of home you can buy. However, unlike FHA or VA Loans, Conventional Loans are not issued or guaranteed by the government, but are instead backed by private lenders.
CalHFA Loan Programs
The CalHFA Single Family Division provides low interest home financing as well as down payment and closing cost assistance for homebuyers in California. With multiple program options, CalHFA Loans are a great choice for low to moderate income borrowers looking to purchase a single-family home. If you think a CalHFA Loan may be right for you, consider the details below.