08/14/2023

I. Saving Money on Your First Home Loan
For salaried borrowers, getting a home loan for the first time is a major financial decision.

The term “first-time homebuyer” typically refers to someone who is buying a property for the first time, or who has not owned any property in the past three years. Whether you are a first-time homebuyer depends mainly on your history of property ownership. Here are some criteria you can use to determine your status:

- You have never owned any property: If you have never purchased a property before, you are considered a first-time homebuyer.
- You have not owned any property in the past three years: Even if you have owned a property before, if it has been over three years since you sold the property, you may also be considered a first-time homebuyer.
- You only owned property with your spouse in the past: If you were married and co-owned a property with your spouse, but are now single and do not own any property on your own, you may be considered a first-time homebuyer.

The following practical strategies can help you, as a salaried borrower, save money:
Choose the right type of loan: Government-backed loans, such as those from the Federal Housing Administration (FHA) and Veterans Affairs (VA), often have lower interest rates and less down payment requirements. Additionally, AAA LENDINGS has a product designed specifically for workers buying homes – WVOE.
You only need a WVOE form to calculate the eligible income, with no need for any other income documents. This simplicity makes WVOE particularly attractive. Moreover, unlike other programs, WVOE does not require applicants to have extensive assets. Details➡WVOE Program

Maintain a good credit score: Your credit score has a direct impact on the interest rate of the loan. Applicants with high credit scores can generally get lower interest rates, which can save you a lot of money during the loan period.

Find a professional loan officer: Professional advice can often save you money from various aspects.

Use loan education and counseling services: Various non-profit organizations and government departments provide free or low-cost loan education and counseling services. These services can help you understand various aspects of loans, such as interest rates, fees, loan terms, etc., allowing you to make wiser decisions.
II. Points to Note in the Loan Process
During the loan process, also pay attention to the following points:

Make good loan pre-approval: Loan pre-approval helps you understand the loan amount and possible interest rate in advance, which can help you clarify your budget and make a more reasonable home buying plan.
Pay attention to the loan term: The length of the loan term will affect the monthly repayment amount and total interest expenditure. It is important to choose the right loan term based on your own financial situation.
Understand all terms: Before signing the loan contract, be sure to understand and accept all terms and conditions in order to avoid unnecessary trouble later.

III. Suitable Loan Programs
For salaried borrowers, in addition to our WVOE program, we have a QM Community Loan may also be helpful, not even limited to first-time homebuyers:

- All Rate Adjustments Waived (Freddie Mac Only), excluding 2-4 unit properties and attached condos;
- No Education Lesson Needed;
- You can also receive some lender credit;
- No Income Limit;
- Primary Residence Only.
Details➡QM Community Loan

All in all, for salaried borrowers, getting a home loan in the United States is not out of reach. As long as you make proper plans, understand and utilize all available resources, you can successfully realize your dream of homeownership.

Statement: This article was edited by AAA LENDINGS; some of the footage was taken from the Internet, the position of the site is not represented and may not be reprinted without permission. There are risks in the market and investment should be cautious. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial situation or needs of individual users. Users should consider whether any opinions, opinions or conclusions contained herein are appropriate to their particular situation. Invest accordingly at your own risk.