Island Home Loans Blog

Buying Your First Home Mortgage Guide

Buying Your First Home

We Understand.

Becoming a homeowner can be a daunting process for anyone, especially young adults or those without experience making such a big purchase. If you are a First-time homebuyer, you are probably overwhelmed at the many loan options available to you today. While there isn’t a First-time Homebuyer’s loan in particular, there are minimum requirements you’ll have to meet in order to qualify for a mortgage. 

Also, what you may not know is that a lot of the mortgage process happens behind the scenes and is out of your control, but there is a lot that you can control to ensure you’re in the best position to buy a home and close in a timely manner.

What are the General Mortgage Requirements for First-time Homebuyers?

Below we help you understand the basic guidelines so you can prepare yourself financially to help lead you down the right path to Homeownership!

  1. Buying Your First Home (you are here)
  2. Assets & Reserve Requirements
  3. Credit Score Requirements
  4. Debt Ratios
  5. Stable income & Employment
  6. Down Payment