If you're looking to buy your first home, you may feel overwhelmed and unsure of where to start. That's where we come in! With NASA Federal, thousands of members have realized their dream of owning their first home.
Smart, Personal Service
Our dedicated team of Mortgage Specialists can walk you through every step of the homebuying process. We’ll make it as easy as possible and provide you with personalized financing options that fit your budget.
To help you get started, download our first-time homebuyer checklist today!
To get started on your homebuying journey, follow the guide below.
1. How is my credit?
Your credit plays an important part in the loan approval process. If you can improve your credit, you could ultimately improve the terms of the home loan, which can save you money in the long run.
You can check your credit by signing into Online Banking or going to annualcreditreport.com
If you're ready to apply to get pre-approved so you know how much you could borrow, get started below.
2. How much house can I afford?
Before you go home shopping, it is good to know how much house you can afford stay within your comfort zone. This helps you become a more informed consumer before falling in love with a home that may push your limits financially.
Keep in mind that even if you are currently renting, housing costs can include taxes, Private Mortgage Insurance (PMI), utilities and other factors can also increase your monthly housing cost.
What about a down payment? Lenders offer a variety of mortgages to fit buyers’ unique situations. This includes NASA Federal’s $0 down, no PMI mortgage.1
Use this calculator to get an idea of your monthly mortgage payment.
Please note: the calculated monthly payment is for principal and interest (P&I) only. Any taxes, homeowners’ insurance and mortgage insurance (PMI), if applicable, would be added to the P&I to make a total monthly payment.
3. Where do I want to live?
Once you know how much money you can spend on a home, you will be able to figure out where you can afford to live.
- Check out median income, cost of living, and home sales statistics.
- Figure out what property taxes will be, or the quality of the school system in each area if you have children.
- Then, come up with a list of the top neighborhoods you can afford, knowing it may need to change and grow based on what is actually available for sale at the time.
Do you want a single-family home? Or would a townhome or condominium work just as well? Figuring out these details first, as well as being realistic about possibly not getting everything on your wish list, will not only save you time but potential disappointment as well.
4. What Do I Need to Get Started?
To help assist you with finding and financing your dream home, you'll need two things: a reliable real estate agent as well as a trusted financial partner to walk you through the financing process – both of which you get through NASA Federal.
- Find a real estate agent and houses in your area with our HomeAdvantage® Program. Simply type in your zip code to get started.
By using a participating real estate agent, you will be eligible to receive a rebate to be applied toward closing costs and have access to the Multiple Listing Service (MLS). You can customize the home features you’re looking for and receive alerts as soon as one hits the market. - A NASA Federal Mortgage Loan Officer can assist with home financing, providing you with expert guidance every step of the way.
It may help to have your financial statements ready such as pay stubs, W2s, and bank statements.
Looking for more information?
Simply fill out this form and one of our Mortgage Specialists will reach out to you to answer your questions - no obligation and no commitment necessary.
All loans are subject to credit approval.
1Membership and eligibility required. Special loan programs offered to well-qualified applicants. Some restrictions may apply. Offers valid for primary residences only. Special Loan Programs are limited time offers and can end at any time without advance notice. Zero Down Programs for new primary residence purchases or up to 95% on refinances in the following designated areas only: CO, CT, DC, DE, FL, GA, MA, MD, ME, MN, NC, NH, OR, PA, RI, TX (new purchases only), VA, VT, WA & WV. Other home loan programs available nationally (except AK, HI, and NJ). Speak with a NASA Federal First Mortgage Loan Specialist for loan details and rates.
Payment Example: A $250,000 30-year fixed rate with zero points and an interest rate of 7.000% (7.148% APR) would have a monthly principal and interest payment equal to $1,663.26. The monthly payment shown does not include PMI, taxes, insurance or other applicable escrows. The actual payment obligation will be greater when these are applied.
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