First Time Home Buyers
Improving Lives Through Homeownership.
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 straightforward 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.
Conventional Loans typically offer lower interest rates and more flexibility than other loans, but they also have stricter qualification requirements (such as a higher minimum down payment).
Backed by the Federal Housing Administration, FHA Loans have more restrictions than Conventional Loans, but are a good option for buyers with limited savings or lower credit scores.
Created by the Department of Veteran Affairs to help America’s military personal purchase homes, VA Loans are a great no down payment option for qualifying service members.
Backed by the US Department of Agriculture, USDA Loans provide lower interest rates and no down payment options to incentivize borrowers to purchase houses in less developed, rural areas.
CalHFA Loan Programs
CalHFA Loan Programs offer qualifying California buyers both low interest financing as well as down payment and closing cost assistance.
Utah Housing Corporation Loan Programs
The Utah Housing Corporation, also known as the UHC, is a self-supporting public corporation whose goal is to increase affordable housing opportunities across the state of Utah. The UHC was created by Utah Legislation in 1975 and has raised hundreds of millions of dollars every year since in an attempt to improve our local communities.
IHFA Home Loans
The Idaho Housing and Finance Association, also known as the IHFA, is a self-supporting financial institution that strives to provide funding for affordable housing opportunities in Idaho communities. The IHFA is committed to offering rental assistance, reducing and preventing homelessness, providing homebuyer education, preserving older housing stock, and most popularly: creating residential mortgage products.
WSHFC Loan Program
The Washington State Housing Finance Commission, also known as the WSHFC, is a self-supporting financial institution dedicated to increasing housing access and affordability for the people of Washington.
IHFA Heroes Loan Program
In an effort to show appreciation for Idaho’s essential employees, the Idaho Housing and Finance Association (IHFA) recently launched a new program called the Idaho Heroes Loan Program. The Idaho Heroes Loan Program offers home financing as well as down payment and closing cost assistance to Idaho’s healthcare professionals, firefighters, law enforcement officers, paramedics, teachers, retail workers, and military personnel.
Chenoa Fund Loans
Chenoa Fund is a national down payment assistance program provided through CBC Mortgage Agency, a tribally-owned government organization that strives to increase affordable and sustainable homeownership. The Chenoa Fund provides qualifying homebuyers with Second Mortgage Loans that may fund up to 3%-5% of their down payment on a house.
AmeriHome Jumbo Loans
An AmeriHome Jumbo Loan is a type of mortgage used to finance properties that the Federal Housing Finance Agency (FHFA) or Federal Housing Administration (FHA) deem too expensive. Every year, both agencies set maximum loan amounts for conforming Conventional and FHA Loans based on location. If you want to purchase a home that exceeds your local limit, an AmeriHome Jumbo Mortgage, also known as a non-conforming loan, may be a good option for you.
Arizona Home Plus
Created by the Arizona Industrial Development Authority (a non-profit organization dedicated to helping Arizona borrowers), Arizona Home Plus is a unique mortgage option that provides eligible homebuyers with both a traditional home loan and a separate down payment/closing cost assistance loan at the same time.
Colorado Housing Finance Agency (CHFA) Home Loans
The Colorado Housing Finance Authority, also known as the CHFA, is a government agency dedicated to improving Colorado by investing in affordable Colorado housing and Colorado community development. The CHFA offers eligible Colorado residents a variety of financial resources to strengthen homeownership, affordable rental housing, and businesses.
VA Cash Out Refinance Loans
VA Loans were originally created to help America’s military personnel achieve homeownership, but existing homeowners who meet certain standards may also be able to use a special type of VA Loan – a VA Cash-Out Loan – to refinance their home as well.