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West Chester, PA 19380


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Your first time buying a home in Chester County PA

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So, you’re finally ready to buy your first home in Chester County! As exciting as it is, it might also feel scary. Buying a home is a big purchase, and there are lots of things to consider like how much down payment to put, what your monthly payment will be and what kind of loan to go with.

But when you have a partner like Brandywine Valley Mortgage, you have a trusted partner every step of the way. We’ve worked with hundreds for first time buyers to make their first property purchase a success.

If you’re looking into a first time homebuyer program or want to know more about loan programs available to you, we can help outline your options and walk you through the application to get you to the closing table and get you settled in no time.

Here are some frequently asked questions you might have as first time homebuyer.

How much do first-time home buyers have to put down in Pennsylvania?

The amount you’ll need to pay for a down payment will depend on the type of loan you get and the loan amount you’re applying for. For example, an FHA loan will require at least 3.5% down, while a conventional loan can be anywhere from 3% to 20% or more.

If you put less than 20% down on a conventional loan, you’ll have to pay private mortgage insurance, which will add to your monthly mortgage costs.

The good news is that the Pennsylvania Housing Finance Agency offers some assistance through several first time homebuyer programs to help ease the financial burden of a down payment.

Whether you’re in Chester County or elsewhere in the state, we’re familiar with these insurance programs and can outline what’s required of you to qualify.

At Brandywine Valley Mortgage, we can see if you qualify for a first time homebuyer program and walk you through the financing process.

What credit score do you need for first-time home buyer in PA?

Your credit score is one of the most important factors when it comes to financing the mortgage application, sale and financing of your new property.

Your lender will pull your credit report to pre-qualify you for a loan and help you determine what kind of monthly mortgage payment you can afford. Keep in mind that the better your credit score, the better terms and conditions you’ll be able to qualify for.

For most loans, the minimum credit score is around 620, but most want to see a credit score of 640 or higher. Some first time homebuyer programs require a credit score of 660 or higher, so make sure you understand where your score is before starting the mortgage application process.

If you don’t meet these minimum credit score requirements, take some time to improve your credit history before starting your home search.

How to buy a house for the first-time in PA?

The process of buying or building a home can feel like a long process, but ultimately it comes down to a few simple steps.

Get pre-approved for a mortgage loan

Before you start your home search, you want to know what you can afford and how this could affect the purchase price of your home.

With some financial information like your income, tax returns and a review of bank and of any other liquid assets, we can get you pre-approved for a loan and walk you through the different options like a fixed rate mortgage or variable rate mortgages.

For most first time homebuyers, they’re purchasing a primary residence which helps unlock some of those down payment assistance programs.

Find a realtor

A realtor can help you find the best property for your financial needs in Chester County or elsewhere and walk you through the purchase process. They’ll help you submit an offer and ensure you’ve included a home inspection or appraisal contingency to protect you during the buying process.

Win the offer and secure your financing

Once you’re under contract on your new house, we’ll work closely with you to get you fully approved and financed for your new home! From property taxes to title insurance and closing costs, we’ll outline all closing costs and fees that are needed to get you to the final closing table for your property.

Who is considered a first-time home buyer in PA?

If you have not owned a primary residence in the last three years, you can be considered a first time home buyer.

However, veterans and buyers residing in specific target counties can still benefit from Pennsylvania Housing Finance Agency programs without having to meet first-time home buyer restrictions.

One way you can start building your real estate portfolio is by purchasing multifamily properties for your first home and renting them out. Multifamily loans are a bit different than a traditional first time homebuyer program, but we’re also experts at these loan types.

Can you buy a house without a realtor in PA?

While technically you don’t need a realtor to purchase real estate in Chester County, we strongly recommend it. A realtor has the knowledge and background to represent you during the transaction and ensure you’re best interests are represented in the process.

At Brandywine Valley Mortgage, we work with a wide range of real estate partners and can help connect you with a realtor that fits your needs and is ready to work with you to grow your real estate portfolio.

Let us be your lender for your first time home purchase

Buying a home should be an exciting time for you!

From the first time you contact us, we’ll work to understand your housing goals and build a partnership with you along the way.

As a trusted Chester County mortgage broker, we have connections to countless local lending institution and lenders, which can help you unlock the best rates and most competitive offers.

Contact us today to get pre-qualified for your first home purchase!

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