The Bayer Home Loan Team @ EMM Loans are home buying experts. We are here to help you get to where you want to go. 

Owning a home of your own has long been the American Dream. But if you have never bought a home navigating the process can be overwhelming. There is so much information online you may not be sure what is correct and what is misinformation. You may be wondering:

  • What does my credit score need to be to buy a home? 
  • What programs are available to me as a First Time Buyer?
  • How much cash do I need? 
  • How long do I have to be at my job?
  • How much income do I need to buy?
  • What is the process to buy a home? 
  • How do I know what I can afford?

These are all common questions folks want to know to be able to understand when they are ready to buy. 

It is perfectly normal to not know anything about the home buying process! Our team founder Erin Bayer entered the mortgage business because she did not know how to buy a home. She wanted to learn exactly how the process works to help her family become homeowners and in turn help empower others to become homeowners. Our team has been successful in assisting hundreds of First Time Home Buyers across the country make their dreams of homeownership come true. We want to help you too!

Our expert loan officers are always happy to help guide First Time Buyers through the process. 

Here is a general overview of the factors involved in obtaining a mortgage Pre-approval and buying a home with financing:

  1. Credit
    1. The most common mortgage options are available for credit scores of 500+
    2. Credit scores of 500 – 580 buyers will need to put 10%+ for a Down Payment
    3. For scores 580+ Buyers can put as little as 3.5% Down Payment
    4. For scores of 620+ Buyers may be eligible for Down Payment Assistance may be available
  2. Income
    1. Most mortgage programs look for a 2 year employment history
    2. For folks that work for an employer we are looking at W2s and most recent pay stubs to calculate your qualifying income
    3. For Self Employed folks the last 2 years tax returns are used to calculate qualifying income
    4. It is generally acceptable to have multiple jobs over a 2 year period and gaps of 3 months or more need to be explained
  3. Assets aka Cash
    1. Money that will be used for Down Payment & Closing costs must be documented via Bank Account Statements
    2. You can use Gift Funds from a family member for Down Payment & Closing costs
    3. Retirement accounts such as 401k’s can also be used to buy a home
  4. Property Types
    1. Most types of properties can be purchased with a home loan including:
      1. A single family residence
      2. Townhomes
      3. Condos 
      4. Manufactured homes
  5. Closing Costs
    1. Closing costs are costs associated with buying a home that are separate from your Down Payment
    2. Closing costs include: Taxes, Insurance, Title fees, Origination fees, Government Fees and transaction fees
    3. Generally closing costs range between 3-5% of the Purchase Price of the property

While there are many pieces to buying a home we are here to help you every step of the way. Are you ready to stop renting and start owning? 

If you would like to get the process started you have 2 easy options:

Apply to get Pre-approved NOW at Or Click here to book a call

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