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First-Time Homebuyers: We'll Walk You Through The Process

The homebuying process for first-time homebuyers may feel like rocket science. That's where we come in!

As a first-time homebuyer, you may have been browsing for houses in your area, but just not sure where to start to get the ball rolling.  With NASA Federal, thousands of members have realized their dream of owning their first home.

 

Smart, Personal Service

BUYING A HOME

Our dedicated team of Mortgage Specialists can walk you through the entire process! You'll be connected to one of our knowledgeable team members who will provide you with personalized financing options that fit your budget and expert guidance on what to do each step of the home-buying process. 

 



Take a look at our guide below for some helpful tips.

 

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1. How much house can I afford?

Before you go home shopping, it is good to know the maximum amount you can get pre-qualified to borrow in addition to knowing how much you should spend to 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 and making a monthly rent payment, housing costs can include taxes, Private Mortgage Insurance (PMI), utilities and other factors that would increase the monthly cost. 

What about a down payment? Lenders now 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 below 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.

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2. Where do you 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. Keep in mind that there are different lending criteria and loan pricing based on the property type.

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3. What Do You 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. You can have both 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 features of a prospective home into the system and receive alerts as soon as one hits the market so you can be competitive in a buyer’s market.

  • A NASA Federal Mortgage Loan Officer can assist with home financing, providing you with expert guidance every step of the way.

    To be ready for this step, you will want to pull together your financial records such as pay stubs, W2s, and bank statements. If you have a co-borrower, you will need to include their paperwork as well.

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4. How is my credit?

Your credit plays an important part in the approval process. If you can improve your credit, you could ultimately improve the terms of the home loan you could receive, which would make a lasting impact. Please note that although credit score is important, it is one of several ways that lenders determine your interest rate and terms. Lenders may also pull a residential mortgage credit report (RMCR) which is not necessarily the same score as what you would see through FICO.®


What if I still have more questions?

Contact one of our Mortgage Specialists at 1-888-NASA-FCU (627-2328) or fill out this form and we'll be happy to answer all your questions - no obligation and no commitment necessary. 

No down payment? You may be eligible for our Zero-Down Mortgage, which includes $0 down payment and no PMI.1 Ask our Mortgage Specialists about it today!

Ready to Apply?

Apply Now

FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

 

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 5.375% (5.501% APR) would have a monthly principal and interest payment equal to $1,399.93. 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.

Confidential information such as account numbers and social security numbers should not be sent by email for security reasons. Instead, please contact us directly at 1-888-NASA-FCU, send us a secure message through eBranch Online Banking or Mobile Banking, or visit your nearest branch.

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