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Common Questions & Answers First Time Home Buyers

What programs do you offer to first time home buyers?

We offer numerous first time home buyer programs including, FHA, VA, USDA and Conventional Programs.


How long does it take to get a Pre-Approval Letter from Poli Mortgage?

If you apply online you will have a pre-approval letter within 24 hours.

If you call and apply over the phone you will have a pre-approval letter within 1 hour.

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What paperwork should I have ready to get a pre-approval letter?

1. Current Paystubs

2. Last year's W-2

3. All assets statements - checking, savings, retirement and investment accounts.

4. All borrower's full names, social security numbers and full 2 years address


Will a pre-approval letter from Poli Mortgage cost me anything?

No, we will get you a firm pre-approval letter at no charge.


Do I need a house picked out to get a pre-approval letter?

No, the address on the letter can be TBD. The letter will be good for 30 days. Important to note that it is an actual PRE-APPROVAL not a PRE-QUALIFICATION letter, a pre-approval carries more weight with Realtors.


What types of properties do you allow for first time home buyers?

Single family residences, 2-4 family primary residences, condominiums, townhomes, row homes and co-ops if they are common to the area.


Can I buy a home with a Rent to Own Contract? 

Yes, we do allow for properly documented rent to own contracts


How much should I expect to put down when I apply for a first time homebuyer program with Poli Mortgage?

Down payment varies by program and credit score however, here are the average down payments required:

FHA: 3.5% of purchase price

VA: Qualifying Veterans can qualify to 100% financing

USDA: Properties that fall into the USDA Rural Housing Program qualify to 100% financing

Conventional: Conventional programs require a minimum of 5% down payment


What should my credit score be to qualify for a first time home buyer program?

A middle credit score of 640 for FHA and 660 for conventional financing.


Can any portion of my down payment be a gift from a relative?

Yes, our FHA program allows for all or some of your down payment to come in the form of a gift. Conventional financing does allow for gift funds however, the gift portion and your portion must cover at least 20% of the purchase price.


Are mortgage rates higher for first time home buyers?

No, our FHA 30 Year Fixed Rates are actually lower than some conventional rates.


Will I be required to have Private Mortgage Insurance if I don't put down 20%?

Yes, you will need Mortgage Insurance if the first mortgage is over 80% of the purchase price.


Are there ways to avoid mortgage insurance?

Yes, there are some circumstances where MI can be waived for instance, we can do a combination 80% first mortgage and a 10% second mortgage. Speak to one of our mortgage professionals for details.


Resources for Home Buyers


Can I buy a 2 family or a 3 family and use the rental income to qualify?

Yes, FHA allows for the purchase of a 1-4 family as long as it is your primary residence and FHA allows you to use a portion of your rental income to qualify.


Do I have to be at my job for 2 years to qualify for a first time home buyer loan?

A 2 year history is required however, if you have switched jobs, we can use the old income. *If you were in school and then graduated we can use college as work history if you are in the same field you went to school for.


Can I buy a home if I am self employed?

Yes, we will need 2 full years of tax returns to verify income. You can find more information about Self Employed Lending Guidelines Here.


How much are closing costs for a first time home buyer program?

We pride ourselves on offering the best rates with no closing costs in most instances.


If I want to buy a "fixer-upper" can I do that as a first time home buyer?

Yes, our FHA Repair and Restore Program allows for as much as $35,000 in home improvements.


What if I want to buy it "as-is" and then fix it up?

We can help you with that as well.


More Resources for First Time Home Buyers:

First Time Home Buyer Programs

Information about FHA Financing

Understanding your credit score

Steps to buying a home


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