Your Complete Guide to Buying Your First Home in Wilson County
Navigate the homebuying journey with confidence using our comprehensive guide
NMLS #2016670
Buying your first home is one of the most exciting milestones in life, but it can also feel complex. This guide is designed to break down the process into simple, manageable steps. Our goal is to empower you with the knowledge you need to make confident decisions.
1The Down Payment Dilemma
Many first-time buyers believe they need a 20% down payment, but that's often not the case! There are fantastic loan programs available that require much less.
Low Down Payment Loans
FHA Loans
FHA loans can require as little as 3.5% down, making homeownership more accessible for first-time buyers.
- Minimum credit score requirements are typically lower
- More flexible debt-to-income ratio requirements
- Available for single-family homes and multi-unit properties
Tennessee Down Payment Assistance
THDA Programs
The Tennessee Housing Development Agency (THDA) offers several great options we can explore:
- Great Choice Home Loan Program
- Down payment assistance up to $7,500
- Flexible credit requirements
- Competitive interest rates
2Understanding the Lingo (A Simple Glossary)
Don't let mortgage terminology intimidate you. Here's a breakdown of common terms you'll encounter:
APR (Annual Percentage Rate)
The true cost of your loan, including the interest rate and fees, expressed as a percentage.
Closing Costs
Fees paid at the end of the transaction. They typically include appraisal fees, title insurance, and lender fees.
Pre-Approval
A letter from a lender stating you are qualified for a loan up to a certain amount. This is essential for making a serious offer on a home.
3The Home Buying Timeline
Month 1-2: Preparation
- Check your credit score
- Save for down payment
- Gather financial documents
- Research neighborhoods
Month 2-3: Getting Started
- Get pre-approved
- Choose a real estate agent
- Start house hunting
Month 3-4: Making It Happen
- Make offers
- Home inspection
- Finalize mortgage
- Closing day!
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Contact Information
(615) 636-3796
lebanonmtglender@gmail.com
Available:
Monday - Friday: 7:30 AM - 5:30 PM
Saturday - Sunday: 9:00 AM - 3:00 PM
Location:
115 N Castle Heights
Lebanon, TN 37087