Make Your First Home Purchase Your Best-Ever Decision

Can you get qualified? Even without a substantial down payment saved, you’ll find there are programs—such as the FHA loan program—that make it possible for you to become a first-time home buyer.

Take advantage of interest rates. There’s no guarantee that interest rates are going to be this low forever. By getting out of the renter’s game and locking in low interest rates, you can begin a lifelong journey of wealth building.

Use less money down than you imagined. The concept of saving up 20% for money down against a loan can scare some first-time home buyers. But we’ll explain why that doesn’t always have to apply to you

What You Need to Know About First-Time Home Buying

According to some statistics, a majority of renters who want to buy a home don’t move forward because they’re afraid they don’t qualify! But there are plenty of programs that make it viable for lots of people—even those with poor credit—to qualify.

For many first-time home buyers, the main issue is coming up with the down payment. Many of those who would otherwise buy a home feel they would move their purchase timeline forward if they could make the down payment.

With some first-time home buyers’ terms, it’s possible to pay with a relatively small down payment, much smaller than the usually-expected 20%.

Home sales are as hot as ever, with available homes sometimes going off the market in as little as three weeks in some areas—or even less.

Find favorable terms. When you approach it the right way, your first home purchase can be a door to great terms that help you with your monthly budget.

2 Ways to Use Your FHA 203(k) Loan

Buy a Fixer-Upper (and Fix It Up)

Or... Renovate Your Current Home!

Angeline Starling is absolutely incredible at what she does! Her 20+years of experience in this industry really shine through; she knows the ins and outs of every step of the process and helped us navigate the sometimes-overwhelming aspects of refinancing with ease. Her work ethic is unmatched - she worked around the clock to ensure timely responses and service. She was always available to answer any questions and was very proactive in obtaining the best possible outcome for us. On top of being so knowledgeable and professional, she is an absolute joy to work with! She is so friendly and warm and instantly put me at ease. I recommend her and the Halo Team to everyone I know and will continue to do so.

- Andrea P.

From the beginning of the home buying process, Angeline went above and beyond in helping my husband and I. Even during a global pandemic she did an exceptional job! Home buying can be tricky, so my husband and I had a lot of questions along the way - Angeline answered them quickly and with clarity, and she was very open and honest about everything in the process. As first-time home buyers, we are so pleased with the way everything was handled from start to finish and I am very happy we chose Angeline and the Halo Mortgage team to help us!

- Sara M.

Angeline and Candler were absolutely amazing. They completely walked us through our entire loan process, as well as answered any and all questions regarding the purchase of our home. As a first time homebuyer, we had a lot of questions and concerns, but the team at Halo Mortgage were very patient with us and they thoroughly explained everything along the way. They made the home buying process a breeze and I cannot thank them enough for all their help. I will be without a doubt be using them again in the future for my next home purchase. 10/10 would recommend them to all my friends and family!

- Alice P.

There are so many great things I can say about Angeline. She gave me hope when there wasn't any left. The home buying process was stressful for me. It was my first time purchasing and the things I like were not in my budget. Angeline was honest and professional. She didn't give me any false sense of hope. If you're looking for someone who is dedicated to making your dreams come true, Angeline is the person for the job. I can't say it enough, I truly appreciate everything and all the hours she spent working with me. I highly recommend Angeline; you won't be disappointed.

- Kim R.

Angeline was extremely professional. I had many issues trying to get this loan. Angeline went over and above even calling me at night and weekends. She is the best.

- Linda R.

I have used Angeline several times for mortgages and refinancing and she is the best I have worked with. She is extremely knowledgable and has always been willing and able to help me work thru options to maximize my results.

I stongly recommend her to anyone looking for a refi or mortgage.

- Bob S.

Your Renovation Wish List Could Include...

Increase window size

Bring in more natural light

Finish a basement or attic

Create a mother-in-law apartment or guest space

Correct foundational issues​

Protect your investment for the long-term

Add a detached garage when one does not exist​

There’s room for everyone

Knock down walls​

Open up the floor plan to create versatile, welcoming spaces

Flood-proof your property​

Add a retaining wall to prevent expensive damage

Repair the pool​

Tired of leaks and cracks? Fix the pool & start enjoying it

Expand or refresh the kitchen​

Cooking is just more fun in an updated kitchen

Add square footage​

Growing your family? Grow your home alongside it!

And so much more! ​All funded by your single, convenient FHA 203(k) Renovation loan.

And start planning your renovations now!

After remodeling, ​74% of owners have a greater desire​ to be in their home, and ​65%​ ​have increased enjoyment​ in their home.

Source: National Association of Realtors® 2020 Remodeling Impact Report

How Does a Renovation Loan Work?

Depending on the types of repairs you plan to do, ​you have two options​ when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.

The Limited 203(k) loan

The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! ​Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.

The Standard 203(k) loan

The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. ​You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.

Find out how to buy my first home! Discover what you can do with an FHA Purchase or Renovation loan!

What Do First-Time Home Buyers Need to Know About Buying a Home?

Why should I buy a home now and not rent until I can save up a massive down payment?

Because there are plenty of options for lowering your downpayment! For example, the FHA loan program, which includes loans insured by the Federal Housing Administration, is great for people with low credit scores and not a lot saved for a down payment. That isn’t to say that you shouldn’t save for a down payment—but remain open to all of the options available.

How will I afford my home?

Pre-approval for a first-time home buyer can be a major step in the process, and it’s easier than you think. A pre-approval is essentially a (conditional) promise from a lender that they can offer you the mortgage terms you need to make an offer on a house. This requires an application process that’s much simpler than you might imagine—and great for first-time home buyers who want to shop around and demonstrate to a seller that they’re serious about their offer.

Should I save for a down payment?

Absolutely. Just because you don’t necessarily have to make a 20% down payment on your first home doesn’t mean that you should eschew the process completely. Having a substantial down payment saved never hurts.

I have a low credit score. What kinds of loan programs are there for me?

If you go through the application process and make sure that your payment is in line with what you can fit within your budget (the typical recommendation is a mortgage that takes up no more than 25-33% of your household budget), then you’ll find it’s possible to afford your first home—and the process may be much simpler than you imagined

How do I get pre-approved?

In addition to the FHA loan program as mentioned in the previous answer, you should also look at your qualification for: the VA loan program, the USDA loan program, and even the Good Neighbor Next Door buyer aid program.

What should I do next?

Simple. Click any of our buttons above and find out if your first time home purchase can be as easy as we say it is here. Don’t worry about a low credit score, either—you’ll find that there are plenty of programs out there that can help.

Find out how to buy my first home! See if you’re eligible for your first home loan in 60 seconds or less!

Your home, your way.
That’s the FAIR WAY!