First Home Key is a one-stop-shop for first-time homebuyers, offering a personal, one-on-one purchasing experience. This means that we are offering the convenience of all of the parties needed to execute your home purchase at one time.
First Home Key does not charge any fees for our advisory services. You are not responsible for any costs in order for us to help you. Of course if you decide to move forward on purchasing a home through one of our partners there will be costs involved.
It is encouraged that you meet with us in person, one-on-one, as there are many moving parts related to purchasing a home. We want to make sure we make the process as easy as possible. You will be able to meet with a First Home Key rep, a credit rep, mortgage rep, and real estate agent in one place.
Yes, you can use your own real estate agent. The particulars of the transaction between both realtors would be worked out with the brokerage in which their license is held.
Ok great, if you are happy with your lender and the terms associated with your approval (interest rate), etc. we can introduce you to a real estate agent who can give you direct access to our newly renovated, exclusive, unlisted properties. If you are still shopping around for the best mortgage, we can also introduce you to our mortgage partner who can provide you with a comparative quote, it’s always good to have more than one.
You may be able to qualify for certain programs based on your full financial picture and also, if required, we will enter you into an expedited credit repair program so that you can get to the next step, mortgage qualification.
It depends on the stage of the process you are in; if your credit requires a lot of help it could take a few months, mortgage pre-approval could take a few weeks, and finding that right home will be up to you, it’s a big decision to pick the home you want to purchase.
There are many mortgage programs that only require 3.5% down versus 20% down. For example, if you found a house that you loved and it cost $200,000, depending on the program you qualify for you may only have to put down $7,000 versus $40,000. In addition, there are a multitude of first-time homebuyer initiatives you may also be eligible for through your lender or New York State. This is something the mortgage representative can review with you.
Depending on which stage of the process you are in, you will need to provide a number of financial documents; if you are not self-employed, these documents include your most recent year-to-date pay stub(s) reflecting a minimum of 30 days of income, your most recent two years of your Form W-2 from your employer (2017-2018), and your most recent three months of bank and investment statements. If you are self-employed or get paid any commissions, we also need your most recent two years of tax returns, signed. If you own a business, we will also need the most recent two years of personal tax returns and any business returns you filed for your company (e.g., 1120, 1120S, Schedule K-1 / 1065). If you have already decided on a mortgage lender and you want to begin looking at properties, you will need to provide a pre-approval letter from the lender.
We completely understand where you are coming from, this is a big decision. BUT, just know it is attainable and you can do it. We are here with you every step of the way to help guide you, and even be a sounding board if you need one, you are not alone in this journey, we are going to help you to the finish line. Just take the first step which is coming in to meet with us so we can review your financial picture to see where you are in the process, and then we can come up with a game plan. You can then decide when you want to take the second step, whatever that might be.