Like many young couples, Bryan and Allysann looked forward to owning their first home together. They quickly discovered, however, the financial requirements for home ownership can be daunting … even a bit discouraging.
“When we first started the search [in September 2017],” said Allysann, “our job situation wouldn’t allow us to get into the size and type of house we really wanted. So we took a break until June 2018. That’s when our job situation changed.”
Around this time, Bryan attended a Hanscom FCU mortgage workshop where he learned what the couple would need in cash to buy the home they wanted. “It was way more than we had estimated,” Allysann said. “We had only saved enough for a 3% down payment and weren’t prepared for all the closing costs.”
But then Hanscom FCU’s mortgage expert told Bryan about our new 100% financed mortgage for first-time home buyers, a 30-year 7/1 Adjustable Rate Mortgage with no down payment requirement.
“We jumped at the deal,” said Allysann. “We met all the requirements and the mortgage process was fast. Once we got the pre-approval, we found a house within the next few weeks. After we put the offer down, everything clipped along. We thought it would take a few months, but we were closing within a month!”
Today, Bryan and Allysann are proud homeowners in Bolton, MA. “We now have space for a puppy and for any family that wants to visit,” Allysann said. “We love the scenery. The feeling of being in the woods while being nearby to things is the best of both worlds.”
We’re delighted that we could get Bryan and Allysann (and now Marty, their German shepherd puppy) into the home they really wanted. We asked them to share some tips for prospective homeowners beginning their own home-buying journeys. Here’s their advice:
- “First and foremost, [buying a home] costs more than you think it will,” Allysann said. She pointed out closing costs, moving costs, and “all the things that need to be fixed once you move in. Things have a tendency to pop up that you didn’t notice were an issue.”
- Make 100% sure you really want the house. “Once you find a house you love,” said Allysann, “things tend to move fast. Once the owners accept an offer, it’s hard to back away.”
- Get your documents in order to make it much easier to work with the mortgage department. There’s probably no other time in your life when you’ll have to deal with as much paperwork as you will when purchasing a home, so the more organized you can be, the smoother the process. Our Home Buying Handbook includes a helpful checklist of the documents you’ll need, along with tons of other valuable information about the mortgage approval process.
If you’re ready to put down roots like Bryan and Allysann and can meet the requirements of this limited-time mortgage, contact our Mortgage Department today.
And congratulations to Bryan and Allysann (and Marty) on your beautiful new home!
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