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First Time Homebuyer Loans in Burlington Township
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Get listed hereWhat first time homebuyer loans usually includes
- Review of which programs you qualify for
- Check of MSHDA income and sales price limits for your address
- Referral to required homebuyer education
- Pre-approval letter covering the first mortgage and assistance
- A Loan Estimate within three business days of your application
- Explanation of how any assistance is repaid or forgiven
- A Closing Disclosure at least three business days before closing
What drives the cost of first time homebuyer loans in Burlington Township
- Loan program: FHA, conventional, VA, USDA or MSHDA
- Credit score and debt-to-income ratio
- Down payment and any assistance used
- Mortgage insurance on low down payment loans
- Seller credits toward closing costs
- Repairs required by the appraisal on older homes
- Points and lender charges
- The age of the home: the typical Burlington Township home was built around 1962, so older materials, lead-safe rules and hidden damage can add time
Before you hire in Burlington Township
Lead-safe work rules apply to most homes
The typical home in Burlington Township was built around 1962. Painting, window, siding and remodeling work that disturbs paint in homes built before 1978 must follow the EPA lead-safe (RRP) rule. Ask any contractor for their RRP certification before work starts.
Older plumbing and sewer lines
48% of homes here were built before 1960, when cast iron drains, clay sewer laterals and galvanized supply pipe were standard. A sewer camera inspection before buying or remodeling is cheap insurance.
Permits: check with the Burlington Township building department before work starts.
How to compare first time homebuyer loans quotes
- Ask each lender which first-time buyer programs it offers.
- Include at least one MSHDA participating lender in your comparison.
- Compare Loan Estimates with and without down payment assistance.
- Ask how the assistance is repaid if you sell or refinance.
- Check every loan officer on NMLS Consumer Access.
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First Time Homebuyer Loans in Burlington Township: FAQ
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