Make Your First Home Purchase Your Best-Ever Decision

Can you get qualified? Even without a substantial down payment saved, you’ll find there are programs—such as the FHA loan program—that make it possible for you to become a first-time home buyer.

Take advantage of interest rates. There’s no guarantee that interest rates are going to be this low forever. By getting out of the renter’s game and locking in low interest rates, you can begin a lifelong journey of wealth building.

Use less money down than you imagined. The concept of saving up 20% for money down against a loan can scare some first-time home buyers. But we’ll explain why that doesn’t always have to apply to you.

What You Need to Know About First-Time Home Buying

According to some statistics, a majority of renters who want to buy a home don’t move forward because they’re afraid they don’t qualify! But there are plenty of programs that make it viable for lots of people—even those with poor credit—to qualify.

For many first-time home buyers, the main issue is coming up with the down payment. Many of those who would otherwise buy a home feel they would move their purchase timeline forward if they could make the down payment.

With some first-time home buyers’ terms, it’s possible to pay with a relatively small down payment, much smaller than the usually-expected 20%.

Home sales are as hot as ever, with available homes sometimes going off the market in as little as three weeks in some areas—or even less.

Find favorable terms. When you approach it the right way, your first home purchase can be a door to great terms that help you with your monthly budget.

2 Ways to Use Your FHA 203(k) Loan

Buy a Fixer-Upper (and Fix It Up)

Or... Renovate Your Current Home!

I have had a great experience working with PRMG group! Abdel has helped me and guided me through out the process. For first time home buyers, it's not just finding the right house but also navigating through the entire home buying process. If you have Abdel by your side this entire process would be a cake walk. He has been really proactive and been in touch with everyone involved in the deal. He has answered and explained each step in a detailed manner and has been a great support all along. He has been fully transparent in providing the accurate interest rates and also framed out the right strategy for me to save my cost. I would definitely recommend PRMG group as direct lenders and Abdel Khawatmi in specific to work on your file. Happy home buying!

- Yug Shah

Abdel and his team when above and beyond with helping me purchase my first home! Abdel walked me through every step of the way and explained everything clearly. Extremely professional with his work and would definitely recommend to anyone that purchases a home !! Thank you

- Mohammed Khawatmi

What can we say, Abdel & his team are the best of the best. From the moment we knew we were on the search for a home all the way through the very end, Abdel has been on top of the game - providing constant updates, communicating with all partners & 3rd parties, answering all of our questions to clue us in in exactly what was going on with our loan and closing. Abdel & his team are top notch, made this home buying process so much easier on us.

- Natalie Barone

As an agent, I worked together with Abdel and his team to help our clients secure their first home. This was my first time working with Abdel. Me being an agent, they are all that you can ask for - knowledgeable on the client and their finances, excellent communication, and making it a worry-free process all the way through closing. Best of all, we were able to stay on target with our 31-day close.

- Stephen Tavarez

Search no more, Abdel and his team are absolutely amazing. This is my 3rd home purchased and never has the process been as smooth as it was this time around. They are very professional and work hard to anticipate what’s needed to make the process as easy as possible. This team’s legit with no surprises and we are very happy to have chosen them! We highly recommend Adbel!

- Amit Shah

What can I say about PRMG that others haven’t? Abdel, Pam, Josh, Kelly, Traci and Re-Max realtor Christina Kaplun-Grande, literally answered my hundreds of texts, emails, and phone calls promptly and did their best to put me at ease when I was stressed out or worried we weren’t going to have something done in time. Abdel and Pam particularly worked relentlessly for my husband and I, explained everything as detailed as possible, and “left no stone unturned” when it came to getting us the best deal. There’s a reason they have all 5 star ratings. Thanks so much to you all!!

- Kristin Hoesly

Abdel really takes care of his clients. He and his team are dedicated and always available to help. We just had a successful refinance, and they got it done quick, easy and painless.

- Dario B.

Recommend anyone buying or refinancing to reach out Abdel. He was so great to work with explained everything little detail. Had a quick smooth process.

- Nadin Awad

Wonderful lender to work with as an agent! Always responsive and on top of every transaction! Highly recommended

- Spero Kaly

Abdel is not only my partner lender but I also had the pleasure to see first hand what great service he provides when purchasing my investment property. He is fantastic with the communication and made sure all parties were always informed throughout the transaction. Definitely a top notch mortgage lender!

- Sharif Hatab

Your Renovation Wish List Could Include...

Increase window size

Bring in more natural light

Finish a basement or attic

Create a mother-in-law apartment or guest space

Correct foundational issues​

Protect your investment for the long-term

Add a detached garage when one does not exist​

There’s room for everyone

Knock down walls​

Open up the floor plan to create versatile, welcoming spaces

Flood-proof your property​

Add a retaining wall to prevent expensive damage

Repair the pool​

Tired of leaks and cracks? Fix the pool & start enjoying it

Expand or refresh the kitchen​

Cooking is just more fun in an updated kitchen

Add square footage​

Growing your family? Grow your home alongside it!

And so much more! ​All funded by your single, convenient FHA 203(k) Renovation loan.

And start planning your renovations now!

After remodeling, ​74% of owners have a greater desire​ to be in their home, and ​65%​ ​have increased enjoyment​ in their home.

Source: National Association of Realtors® 2020 Remodeling Impact Report

How Does a Renovation Loan Work?

Depending on the types of repairs you plan to do, ​you have two options​ when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.

The Limited 203(k) loan

The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! ​Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.

The Standard 203(k) loan

The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. ​You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.

Find out how to buy my first home! Discover what you can do with an FHA Purchase or Renovation loan!

What Do First-Time Home Buyers Need to Know About Buying a Home?

Why should I buy a home now and not rent until I can save up a massive down payment?

Because there are plenty of options for lowering your down payment! For example, the FHA loan program, which includes loans insured by the Federal Housing Administration, is great for people with low credit scores and not a lot saved for a down payment. That isn’t to say that you shouldn’t save for a down payment—but remain open to all of the options available.

How will I afford my home?

Pre-approval for a first-time home buyer can be a major step in the process, and it’s easier than you think. A pre-approval is essentially a (conditional) promise from a lender that they can offer you the mortgage terms you need to make an offer on a house. This requires an application process that’s much simpler than you might imagine—and great for first-time home buyers who want to shop around and demonstrate to a seller that they’re serious about their offer.

Should I save for a down payment?

Absolutely. Just because you don’t necessarily have to make a 20% down payment on your first home doesn’t mean that you should eschew the process completely. Having a substantial down payment saved never hurts.

I have a low credit score. What kinds of loan programs are there for me?

If you go through the application process and make sure that your payment is in line with what you can fit within your budget (the typical recommendation is a mortgage that takes up no more than 25-33% of your household budget), then you’ll find it’s possible to afford your first home—and the process may be much simpler than you imagined

How do I get pre-approved?

In addition to the FHA loan program as mentioned in the previous answer, you should also look at your qualification for: the VA loan program, the USDA loan program, and even the Good Neighbor Next Door buyer aid program.

What should I do next?

Simple. Click any of our buttons above and find out if your first time home purchase can be as easy as we say it is here. Don’t worry about a low credit score, either—you’ll find that there are plenty of programs out there that can help.

Find out how to buy my first home! See if you’re eligible for your first home loan in 60 seconds or less!

Your home, your way.
That’s the FAIR WAY!