Ready to Buy?
Ready to Buy?
Are You Ready to Buy a Home?
Our First Time Homebuyer Program requires at least a 3% down payment. So, if the house you want to purchase is $100,000, you would need at least $3,000 in easily accessible cash before starting the loan application process.
Do you have 3% of your purchase price to use as a down payment?
Great! Let’s go over just a few more questions before you start applying for your Mortgage Loan. Please click here for more information about our First Time Homebuyer program and some steps you should take now that you’ve decided to buy your first home.
Have you had two years of continuous income from the same source?
Have you had payments 30 days or more late in the last 12 months?
Our First Time Homebuyer Program requires you to be up to date on all your payments for the past 12 months, and to not be any more than 30 days late on any of those payments. Please contact a Founders Mortgage Loan Officer to review your situation and see what options may be available for you.
Our First Time Homebuyer Program requires at least two years of continuous income from the same source (employment in the same field, etc.), or that you are studying in the same field for that amount of time. Please contact a Founders Mortgage Loan Officer to review your situation and see what options may be available for you.
Have you had any derogatory credit in the last 3 years?
Our First Time Homebuyer Program requires you to have good credit for at least the past three years. Please contact a Founders Mortgage Loan Officer to review your situation and see what options may be available for you.
Are you financially prepared to buy a home?
Being financially prepared is critical when purchasing a home. Visit the Ready to Buy section here to see if you are ready to take the next step toward home ownership or contact a Founders Mortgage Loan Officer for help along the way.
Do you know how much home you can afford?
Knowing how much home you can afford is crucial to starting the home buying process. Please use our convenient online calculator here to help determine how much home you can afford.
Congratulations! It looks like you have done your homework and are ready to officially start the home buying process. One of our experienced Mortgage Loan Officers will be happy to help you navigate the home buying process. Please visit an office near you or call 1-800-845-1614 and a Founders representative will put you in touch with a Mortgage Loan Officer near you. Good luck in your house hunt!
It’s not always the right time to buy a home, and that’s ok! Sometimes after taking a closer look at your financial situation and goals, it’s better to continue the path you are on rather than purchase a home, which comes with many responsibilities, including financial.
If you are a First Time Homebuyer, you might need to establish your credit a little more prior to purchasing your first home. Sometimes taking out a car loan or using a credit card regularly and making regular payments may help build your credit.
Buying a home has many variables – some we can predict and foresee, and some we cannot. No matter what happens on your path to homeownership, Founders is here for you to answer any questions every step of the way. Even though no two mortgage transactions are alike, our experienced Mortgage Loan Officers will be honest with you and you can trust they are working for you and in your best interest for your future. We're always happy to answer any of your questions. Reach us at 1-800-845-1614.
Some questions you should ask yourself along the way are:
How much home can I afford?
Use our Loan Calculator to help determine how much home you can afford when buying your first home. This mortgage payment calculator shows you how your total payment is affected by your interest rate. It also includes a mortgage amortization chart.
How much house do I need?
Whether you’re purchasing a home for two, four or more, determining how many bedrooms, your ideal backyard size and space needs are just a few of the important things to consider in the beginning of your home search.
Do I want to purchase a house, townhome or condo unit?
Any home purchase will come with extra expenses. Houses in neighborhoods with Homeowners Associations often incur extra fees, which could be paid monthly, quarterly, biannually or annually, and can sometimes be a costly expense. Townhomes and condo units will have extra fees also, and could have some or all of your homeowners insurance included in those fees. Knowing what else you will be financially responsible for when you purchase a home is important, so you don’t have any surprises.
What can’t I buy with Founders First Time Homebuyer Program?
Our First Time Homebuyer Program does not include mobile homes or building a custom home. We do have products available for these types of homes and a Mortgage Loan Officer will be glad to help you find the right product for you.
What else will I be responsible for as a homeowner?
When you own a home, you are responsible for all aspects of that home – the home itself, the yard or land the home is on, and all the things that make the home function – like appliances, heating and cooling units and more. As a homeowner, it’s always a good idea to have extra money in savings in case one of these expensive items needs repairing or replacement.
Buying a home also has many financial benefits:
You can build equity in your home and increase your overall financial assets if your property value increases.
You may be able to deduct mortgage interest and property taxes for tax benefits. Consult with your tax advisor regarding tax deductibility.
You can build your credit by making your mortgage payments on time.
Yes, I’m Ready to Buy!
Yes, I'm Ready to Buy!
- Make sure you are financially prepared. Saving for a down payment for buying a house can take years, but remember the higher your down payment is, the less you will need to finance. Making sure you have the money you need for a down payment and closing costs is very important before you begin your home search. The First Time Homebuyer Program only requires a 3% down payment and includes most closing costs. While securing your mortgage loan, it’s a good idea to pay outstanding bills and not take out any new debt.
- Get preapproved. A Founders Mortgage Loan Officer can help you with the preapproval process so you can find out how much you can borrow for buying a first home. By adding your preapproved loan amount to the amount of money you have to contribute to a down payment, you get a good idea of your price range for your first home. A general rule of thumb when determining your price range is your purchase price should not be higher than three times your annual income. So if your combined household income is $60,000, you should consider homes around $180,000 or less.
- Start looking for a home! Once you know how much home you can afford, you can start looking at homes currently for sale that meet your needs.
Mortgage Loan Options
Mortgage Loan Options
Founders offers Mortgage Loan options to suit your needs.
First Time Homebuyer Program
- Only 3% down
- No PMI (Private Mortgage Insurance)
- No origination fee or points
- Up to $424,100 maximum loan amount
- Competitive rates
- Mortgage payments are typically lower at the beginning of the loan term, but could increase at specified times during the life of the loan.
- With Adjustable Rate Mortgage Loans, the Interest Rate can change throughout the life of the loan. Most Adjustable Rate Mortgage Loans have a low initial rate period. After that timeframe, the Interest Rate can change and go up or down, based on current market conditions.
- The First Time Homebuyer offers an initial rate for the first 5 years with subsequent adjustments annually thereafter up to 2% per adjustment and 6% over the lifetime of the loan.
Fixed Rate Options
- Not available with our First Time Homebuyer Program.
- Mortgage payments remain the same throughout the life of the loan.
Double Wide Manufactured Home
- Not available with our First Time Homebuyer Program.
- Other financing options are available for manufactured homes.
Once you decide to purchase a home, you can apply for your Mortgage Loan. Applying is easy. You can start the application process online by clicking below, or visit an office near you and speak with a Mortgage Loan Officer who can assist you with the loan application process.
If you apply for your Mortgage online, a Mortgage Loan Officer will contact you within 24 hours or the next business day regarding the details of your request. Our Mortgage Loan Officer will confirm your information and review your credit report. They will also help you find the right Mortgage product for your needs.
Whether you apply at an office or online, it’s very important to review, sign and return any documents you receive in a timely manner so the application process goes as quickly and smoothly as possible.
If you already have a sales contract and you have obtained an approval for your Mortgage Loan, an appraisal will be ordered on the home you wish to purchase. For First Time Homebuyers, an appraisal is required prior to closing.
Once all the required paperwork is completed and we approve your Mortgage Loan, you will be able to schedule the closing with an attorney’s office. If you don’t have an attorney preference, we can provide you with options to help with this process.
On average, the length of time from application submission to closing is 30-45 days.
A real estate closing requires signing a lot of paperwork. You will be required to bring the funds for your down payment and closing costs, usually in the form of an Official Check, which you can request at any Founders office.
For more information about any of the steps listed above, call 1-800-845-1614.
Managing your Founders Mortgage is easy! You can conveniently access and pay your Mortgage in Founders Online or in the Founders App, or by visiting an office near you.
If you have any questions regarding your Mortgage Loan, our Mortgage Loan Officers are always available to assist you. Please call 1-800-845-1614 to speak to one of our qualified Mortgage Loan Officers today.