YOUR DREAM HOME MADE POSSIBLE WITH AS LITTLE AS 0-3.5% DOWN
Afford more than you imagined as a first time home buyer!
WHY BUY WITH APEX LENDING ?
WE HELP FIRST TIME HOME BUYERS!
Buying your first home? Congratulations on reaching this exciting milestone! But applying for a home loan can be confusing. Our experienced lenders can help to simplify the mortgage loan
Apex Lending offers a variety of first time home buyer programs that can get you into your dream
We provide FHA loans, USDA loans, and VA loans in addition to conventional loans and more. Check out the Common Questions section below for more information.
Put as little as 10% down, no mortgage insurance required.
Discover the real rates you pre-qualify for online.
Get more house with flexible debt-to-income limits.
We fully underwrite borrowers at
No application, origination, or
other lender fees.
We’ll help you close quickly so you can move in!
CHOOSE THE MORTGAGE THAT’S
RIGHT FOR YOU
Working for yourself doesn’t mean you can’t own a home!
Common Questions from
First Time Home Buyers
How do I know if I'm eligible for a loan?
To receive a loan from Apex Lending, borrowers must be of your state’s age of majority or older
(usually 18), be a U.S. citizen or documented U.S. permanent resident, have a verifiable income, a bank account
a valid e-mail address and meet our credit criteria requirements
FHA? USDA? VA? What does all that mean?
An FHA loan is a home loan that is guaranteed by the U.S. Federal Housing Authority. A private lender provides the funds, but the FHA backs the loan. That means that if you stop making your payments, the FHA will pay the lender. With this extra security in place, these loans have looser credit score requirements, and down payments can be as low as 3.5%.
Like an FHA loan, a USDA loan is backed by a government agency — the U.S. Department of Agriculture. A USDA house loan requires no down payment, but it is limited to homes in rural and some suburban areas. These loans are primarily for U.S. citizens who are unable to secure more traditional mortgage loans, and who meet certain adjusted income limits, which vary by location. You can see a list of adjusted income limits here.
Our team can help you to find out if you qualify for a USDA loan.
A VA home loan is secured through a private lender, and guaranteed by the U.S. Department of Veterans Affairs. These loans are available for qualifying military veterans, active service members, and their surviving spouses.
Benefits of a veteran’s home loan include no down payment, no private mortgage insurance, and lower interest rates.
Apex Lending is a VA-approved lender, and we can help you to determine if you qualify for this type of loan.
What does the home buying process look like?
Some people like to search for houses first, and secure funding once they find “the one”. But until you know how much funding you’ll be approved for, you can be setting yourself up for disappointment.
Getting pre-approved for a mortgage means that you’ll know exactly how much house you can afford before you fall in love. And it will make it quicker for you to make an offer once you find your home.
Using apps and the help of a reputable realtor, begin your home search. Have a list of deal breakers, and stick to it. Don’t let a beautiful kitchen distract you, if there’s only one bathroom for your family of five!
Make an offer
Once you make an offer, the seller will determine whether or not to accept. And if they do, congrats! You now enter the option and earnest money periods. These details change from market to market, so check with your real estate agent about how this works in your state.
Get an inspection
As soon as possible, get a licensed home inspector out to the house for a formal inspection. There could be issues with the house that could change the purchase price, or even make you change your mind entirely.
If the house needs a new roof, for example, you could make it a requirement that the seller get it replaced. Or, you could agree to reduce the purchase price by the cost of the new roof.
A formal written appraisal will need to be completed, to confirm the home’s value. Your realtor should be able to help set this up.
At this point, your lender will take over. They’ll dot all the i’s and cross all the t’s, and provide your formal loan approval. This process can take from days to weeks, with an average of around 30 days. At Apex Lending, we pride ourselves on a quick underwriting process.
Congratulations! You’re almost there. Once you receive final approval, you’ll meet with a title company to sign all the paperwork and make your down payment. Once the payment has cleared and your loan is funded, the keys will be handed over and you’re officially a homeowner!
Terms to Know
Buying a house for the first time involves a lot of terms that you may not be familiar with. Here is a list of definitions that you may find helpful as a
Closing – The closing is where you’ll sign all the paperwork and make your down payment, completing
Down Payment – This is the amount of money that you’ll provide at closing. Down payments can vary widely, from $0 all the way to 50% of the home’s purchase price. The average down payment is around 20%.
Equity – Equity is the amount of your home that you actually own. If you’ve paid off your home loan, your home equity is the total value of your home. If you still have a loan, your home equity is the value of the home, minus the balance that you still owe. For example, if your house is valued at $200,000, and you owe your lender $75,000, your home equity is $125,000.
Escrow – An escrow account is managed by your mortgage company, and it allows for hassle-free payments on property tax and insurance. The lender will divide your annual tax and insurance bills into 12 equal amounts, which you will pay when you make your mortgage payment each month. The lender will deposit these amounts into escrow, and make your annual insurance and tax payments on your behalf.
Interest – This is the additional amount that you pay to the bank or lender each month, as you pay off your loan. This is where the lender makes its money.
Mortgage – A mortgage is a home loan, using the property or real estate as collateral.
PMI – PMI stands for Private Mortgage Insurance. If your loan has a reduced down payment (less than 20% of the house purchase price), you’ll have to pay PMI on a monthly basis as security to the lender.
Property Taxes – These are the taxes assessed by your state and local governments, paid annually.
Term – The length of your mortgage. Mortgages usually last from 15 to 30 years.
Title Company – This is a third party that handles the paperwork for your real estate transaction. They also verify that the seller of the home is the owner, and has the right to sell.
How do I check my credit score?
You can check your credit score for free, once per year, at each of the “big three” credit bureaus – Experian, Equifax, and TransUnion. You can also use third party services, like freecreditreport.com, or Credit Karma, to keep tabs on your credit.
How long does it take to get a mortgage?
The total underwriting process takes an average of 30 days. But at Apex Lending, we try to get your mortgage complete and funded in less time than anyone else.