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!

Dustin was absolutely excellent, he consulted me at every step of the way and completed everything faster than expected. Will definitely be using next time I move and recommended my friends to him!

- Thomas Watson

Dustin was great from start to finish. Certainly my situation wasn't the easiest application and approval, but it was pretty painless. Thank you for your hard work.

- Kyle Coburn

Had the wonderful opportunity to work with Dustin King, a super efficient, extremely well-organized professional who was always available to us and made the mortgage process for our new home a joy and a pleasure. He takes the time to get to know his clients and provides them with a knowledgeable and reliable experience. Few could ever surpass his skillset. We were extremely pleased with his confident and capable professionalism.

- Dennis Buonafede

Best mortgage loan experience I've ever had! This is the first time I've used a mortgage broker, and the experience was amazing! Dustin got me the lowest rates possible with the lowest fees possible. The whole process was almost effortless from my end. Dustin was great with communication and responsiveness! I couldn't ask for a better experience! I highly recommend NexGen Home Loans for your next mortgage loan!

- Carl Sullivan

Dustin helped out tremendously. He was able to save me $500/month on mortgage costs. I would highly recommend him to anyone looking to save costs on mortgage.

- Chetan Puranik

Dustin did a great job from start to finish on our refi. There were a few stalls but nothing he didn't handle. Once I got all the correct info to him, it went pretty quickly considering all the other people in the world that were trying to refinance at the same time. Thank You Dustin!

- Chuck Wilson

As a real estate agent, I am particular about lenders that I recommend to my clients. I have no hesitation recommending NexGen Home Loans. As a mortgage broker, Dustin, has the flexibility of finding the best terms for each individual client and their different circumstances. Not every lender can do this! Throughout the transaction Dustin works tirelessly to ensure that the ball is never dropped in his court. The online portal makes submitting documents easy and secure. I have found that he goes above and beyond to ensure that the client's best interest is always top priority. He is also very good at explaining the process to the client. He knows his industry but is still able to relay the information so anyone can understand. I feel that he empowers my clients to make wise financial decisions as they look into purchasing or re-financing a home. Again, he always has their best interest at heart. This is how I work, so I am thankful to find a lender with the same motivation.

- Jenny Haymore

Great experience with Dustin through out the process. Transparent and very responsive.

- George Mekkattu

Over the past 53 years of our marriage, we've bought, sold or refinanced 11 homes. Our experience with Dustin King of NexGen Home Loans was outstanding. He made what is always a harrowing routine into a smooth and hassle free operation. We really appreciated the speed with which he completed all the necessary paperwork. It was a pleasure to work with him.

- Jerry Adams

Dustin was fast, efficient and got things processed in a very timely fashion. We have used him twice now. I would highly recommend him. I have referred all of my friends to him that are looking to purchase of refinance.

- Tammy Hendricks

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 down payment! 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!