First Time Home Buyer Home Loans
If you’re buying your first home, you probably have a lot of questions. We’re here to help. Our local loan officers will guide you from start to finish. You can apply online, securely upload documents and receive status updates via our convenient portal. And after you move into your new home, our bankers here at WaFd will help you with all your banking and financing needs. Clients who bank with us receive discounts on closing costs when mortgage payments are pulled from a WaFd Bank checking account. And, if interest rates go down in the future, WaFd offers low-cost modification and refinancing options to our existing mortgage clients.
First Time Home Buyer Loan Calculator
- Payments quoted may include estimates of taxes & insurance, so actual payments may be higher.
- Subject to credit approval.
- APR (Annual Percentage Rate) is based on loan amount and interest rate.
- 0.768333% tax rate used in estimate.
- Rates for owner occupied homes only.
- This calculator is for educational purposes only, and may not represent WaFd Bank’s lending program requirements.
- Ask us about additional available loan programs.
- Payments quoted may include estimates of taxes & insurance, so actual payments may be higher.
- Subject to credit approval.
- APR (Annual Percentage Rate) is based on loan amount and interest rate.
- 0.77% tax rate used in estimate.
- Rates for owner occupied homes only.
- This calculator is for educational purposes only, and may not represent WaFd Bank’s lending program requirements.
- Ask us about additional available loan programs.
The Advantage of a Portfolio Lender
Your neighborhood loan officer can help you get started
Mortgage Process Roadmap
Your lender will submit your final documentation to the underwriter for final approval. The underwriter follows the 3 C’s:
- Credit History
- Cash Flow / Income
- Cash & Liquid Assets
- Type of Property & Occupancy
- Loan to Value
Frequently Asked Questions
Here are the factors that count the most.
Income: Generally, lenders look for two years of stable income based off of your gross monthly income (pay before taxes).
Debts: Installment debt (car payments, credit card payments, personal lines of credit, etc.) are added together with your proposed mortgage payment to determine your ability to qualify for the loan.
Employment History: “Stability” is the key word here. In this case, they want to make sure you’re able to make your loan payment every month for years to come.
Credit History: Numerous late payments on debt, or a credit report that indicates a lack of ability to use credit wisely are red flags for a lender.
Property: In this case, the lender wants to make sure that the value of the property would more than cover the loan amount if it had to be sold following foreclosure. Note that the appraised value and the purchase price may not always match.
To apply for a home loan, you'll likely need:
- Paycheck stubs
- W-2s
- Copy of the purchase and sale agreement
- Proof of other income
- Outstanding loans
- Rental or landlord information
- Employer's name and address
- Past bank and brokerage statements
- Your past home address
Putting 20% down is often ideal for more financially established buyers or those with a larger cash or savings reserve.
Benefits of a larger down payment includes:
- A smaller monthly mortgage payment
- More equity in case you need to move and sell
- No private mortgage insurance
- Less risk when selling
For those who would like to put less than 20%, many lenders offer loans that require a smaller down payment. Here are some benefits to putting less than 20% down:
- More cash on reserve for emergencies
- Likely to become a homeowner faster, since you won't have to save as much cash
- Greater financial cushion for your lifestyle
* To qualify for the maximum $600 discount, before closing documents are prepared you must (1) have or open the WaFd checking account, (2) register for EZ-Pay from the new checking account, and (3) sign up for direct deposit of at least one form of a monthly recurring source of income.