What Does it Take to Qualify as a First-Time Home Buyer?

Some new home buyers are under the impression that they must have 20% down to buy a home. Simply put, this is not true. There are programs in place to help the First Time Home Buyer get into a first home, with a minimal downpayment. “What does it take to qualify as a First-Time Home Buyer?”. We will cover the 3 main highlights regarding a First-Time Home Buyer Program, made for people just like you.

What is the First-Time Home Buyer Program?

WCDA, created in 1975, designed the First Time Home Buyer program. This is an FHA loan assistance program allowing first-time home buyers to purchase their first home with down payment assistance. This program was created by the state of Wyoming to provide home buyers with low-interest rates for their mortgages. Education is provided to equip the buyer with the necessary tools to buy and retain their homes, for years to come. The three obtainable requirements of this program are the reason for its continued success. (three requirements down below).

What is the First Step to Take to Buy a Home?

The first step in this process is to connect with a trusted Real Estate Team. The Putzier Real Estate Team has helped many First-Time Home Buyers get into their first home and we can help you too! It is our favorite part of our job! We will discuss homeownership, your needs vs your wants, the home-buying process, and what you can expect from your team, us! After our easy Buyer Consultation, we will connect you with a trusted and knowledgeable local lender, familiar with the WCDA FTHB program to get qualified. Each one of our lenders is well-versed and knowledgeable regarding the WCDA First-Time Home Buyer Program. Click here to download your free First Time Home Buyer Checklist and stay organized through your home-buying journey.

The three most common questions asked by potential home buyers who want to go through this program are:

What credit score do you have to have to buy a house?

Number one, you will need a minimum score of 620.

How much down do I need to buy my first home?

Number two, you will need a minimum of $1500 to buy your first home.

What about job history?

Number three, you need job history. Your lender will educate you on how employment length plays a role in pre-qualifying.

What happens if I don’t qualify?

After meeting with the lender, if your credit score does not meet the minimum requirement, DON’T PANIC! There are numerous ways to get on the right path! Congratulations, you’ve taken that first step; know what your score is and where to go from there. If your credit needs a little work, we can connect you with the right people. Most recently, we met with a buyer who was 100 points shy of the 620 mark. Amazingly, this buyer was able to get qualified in just 45 days after finding out the credit score wasn’t quite at the mark. We are happy to report this buyer is currently under contract! Our point is, DON’T GIVE UP on the homeownership dream! What is the worst thing that you could find out? You need to keep renting for a bit longer.

A goal without a plan is just a wish.

-Antoine de Saint-Exupery

What is next after I qualify?

After you’re Pre-Qualified, let us know and we will begin your exciting journey of homeownership! We will educate you and walk you through the home-buying process and show you all of the homes available in your price range, that fit your needs. Our goal is to find your dream home and make the transaction as smooth and as short as possible. We want you to start enjoying your new life in your new home!

The Putzier Real Estate Team has 20 years of combined trusted real estate experience. The housing market is competitive, and buyers and sellers are cautious in taking the next steps in real estate. Justin and Charlotte Putzier are Casper realtors committed to helping first-time home buyers buy their Casper homes. Buy YOUR Casper, Wyoming home today with The Putzier Real Estate Team at House Real Estate Group. Call Justin Putzier at 307-259-8004 or Charlotte Putzier at 307-259-4440.

“Real Estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”

-Franklin D. Roosevelt