WWW.PRIMELENDINGDALLAS.COM CONNECT WITH US
SPEAK WITH A MORTGAGE EXPERT (800) 308-8503
First-Time Homebuyer Dallas Mortgage: Frequently Asked
Questions (FAQ)
Part 1: Getting Started on the Home Buying Process
Are you considering purchasing a new home? If so, you probably have plenty of questions left to be
answered. In fact, you may be wondering if buying a home is even the right step for you to take. To
that end, here is a look at some of the most Frequently Asked Questions asked by those Dallas first-
time hombuyers who are considering buying a property.
What are the benefits of buying versus renting?
As a renter, the check you write each month goes toward paying off someone else’s mortgage. When
you buy a home, however, the money you spend goes toward an investment that will pay off a greater
return in the long run. Furthermore, as a homeowner, you enjoy certain tax benefits from the state
as well as from the federal government. By deducting your property taxes and the interest from your
mortgage loan, you can save a significant amount of money each year. Of course, aside from these
financial benefits, nothing can replace the joy of ownership that you can only achieve when buying a
home of your own.
Should I consider purchasing a HUD home?
HUD homes are homes that were insured through the HUD program that were foreclosed upon due
to failure to make payments. When someone fails to pay what is owed on a HUD home, HUD pays the
remaining balance on the loan and takes ownership of the property. The home is then sold as quickly
as possible and at market value. Therefore, it is possible to get a very good deal when purchasing a
HUD home.
© 2012 PrimeLending, A PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This
is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, A PlainsCapital Company (NMLS no: 13649) is a wholly-owned subsidiary of a state-chartered bank and is an exempt lender in the following states: AK, AR,
CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NE, NV, NY, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WV, WI, WY. Licensed by: AL State Banking Dept.- consumer credit lic no. MC21004; AZ Dept. of Financial Institutions-
mortgage banker lic no. BK 0907334; CA Dept. of Corporations- lender lic no. 4130996; CT Dept. of Banking- lender lic no. ML-13649; D.C. Dept. of Insurance, Securities and Banking- dual authority lic no. MLO13649; IL Dept. of Financial and
Professional Regulation- lender lic no. MB.6760635; IN Dept. of Financial Institutions- sub lien lender lic no. 11169; ME Dept. of Professional & Financial Regulation- supervised lender lic no. SLM8285; MD Dept. of Labor, Licensing & Regula-
tion- lender lic no. 11058; Massachusetts Division of Banking– lender & broker license nos. MC5404, MC5406, MC5414, MC5450, MC5405; MI Dept. of Labor & Economic Growth- broker/lender lic nos. FR 0010163 and SR 0012527; NH Banking Depart-
ment- lender lic no. 14553-MB; NJ Dept. of Banking and Insurance-lender lic no. 0803658; NM Regulation and Licensing Dept. Financial Institutions Division- lender licaense no. 01890; ND Dept. of Financial Institutions- money broker lic no. MB101786;
RI Division of Banking- lender lic no. 20102678LL and broker lic no. 20102677LB; TX OCCC Reg. Loan License- lic no. 7293; VT Dept. of Banking, Insurance, Securities and Health Care Administration- lender lic no. 6127 and broker lic no. 0964MB; WA
Dept. of Financial Institutions-consumer lender lic no. 520-CL-49075. PrimeLending, A PlainsCapital Company is an Equal Housing Opportunity Lender. 810 Hester’s Crossing, Suite 150 | Round Rock, Texas 78681
WWW.PRIMELENDINGDALLAS.COM CONNECT WITH US
SPEAK WITH A MORTGAGE EXPERT (800) 308-8503
Page 2 - First-Time Homebuyer Dallas Mortgage (FAQ)
Can I be approved for a Dallas first-time homebuyer mortgage loan even if I have bad credit and I
don’t have much for a down payment?
Yes. Even if you are not a very good candidate for obtaining a conventional mortgage loan, you may
qualify for one of several different alternative mortgage programs. To learn more about first-time
homebuyer mortgage in Dallas, Texas, call PrimeLending today: (800) 308-8503.
Are there homeownership grants or programs available for single parents?
Yes. To learn more about grants and programs for single parents, contact a HUD-funded housing
counseling agency in your area. Your local government, such as the office of housing and community
development, the mayor’s office or your county executive’s office, may also be able to provide you with
information about local programs.
Are there any special considerations to take into account as a single parent who is trying to
purchase a home?
As a single parent, it is important to keep in mind you may not have the benefit of having two incomes
to help with qualifying for a loan. Therefore, it is even more important to get pre-qualified before
looking for a home. This way, you will know the price range you can comfortably afford to borrow and
you won’t have any delays in getting qualified once you find the right home. It is also a good idea to
familiarize yourself with the home buying process and to get a good real estate broker.
Do I need to use a real estate broker?
It depends. If you want to purchase a HUD home, you will need to hire a real estate broker to submit
your bid. With all other types of purchases, you are not legally required to hire a broker.
© 2012 PrimeLending, A PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This
is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, A PlainsCapital Company (NMLS no: 13649) is a wholly-owned subsidiary of a state-chartered bank and is an exempt lender in the following states: AK, AR,
CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NE, NV, NY, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WV, WI, WY. Licensed by: AL State Banking Dept.- consumer credit lic no. MC21004; AZ Dept. of Financial Institutions-
mortgage banker lic no. BK 0907334; CA Dept. of Corporations- lender lic no. 4130996; CT Dept. of Banking- lender lic no. ML-13649; D.C. Dept. of Insurance, Securities and Banking- dual authority lic no. MLO13649; IL Dept. of Financial and
Professional Regulation- lender lic no. MB.6760635; IN Dept. of Financial Institutions- sub lien lender lic no. 11169; ME Dept. of Professional & Financial Regulation- supervised lender lic no. SLM8285; MD Dept. of Labor, Licensing & Regula-
tion- lender lic no. 11058; Massachusetts Division of Banking– lender & broker license nos. MC5404, MC5406, MC5414, MC5450, MC5405; MI Dept. of Labor & Economic Growth- broker/lender lic nos. FR 0010163 and SR 0012527; NH Banking Depart-
ment- lender lic no. 14553-MB; NJ Dept. of Banking and Insurance-lender lic no. 0803658; NM Regulation and Licensing Dept. Financial Institutions Division- lender licaense no. 01890; ND Dept. of Financial Institutions- money broker lic no. MB101786;
RI Division of Banking- lender lic no. 20102678LL and broker lic no. 20102677LB; TX OCCC Reg. Loan License- lic no. 7293; VT Dept. of Banking, Insurance, Securities and Health Care Administration- lender lic no. 6127 and broker lic no. 0964MB; WA
Dept. of Financial Institutions-consumer lender lic no. 520-CL-49075. PrimeLending, A PlainsCapital Company is an Equal Housing Opportunity Lender. 810 Hester’s Crossing, Suite 150 | Round Rock, Texas 78681
WWW.PRIMELENDINGDALLAS.COM CONNECT WITH US
SPEAK WITH A MORTGAGE EXPERT (800) 308-8503
Page 3 - First-Time Homebuyer Dallas Mortgage (FAQ)
While you can technically purchase a home without a real estate broker, most buyers find that hiring a
broker helps to simplify the process. Furthermore, hiring a broker doesn’t cost the home buyer
anything, as this cost is paid by the seller.
Experienced brokers bring many benefits to the entire process of purchasing a home. These assets
include:
• Familiarity with the neighborhood, including knowledge about things such as the quality of the
schools, the number of children who reside in the area, the amount of traffic in the neighborhood
and the overall safety of the neighborhood.
• The ability to help you determine the price range you can afford.
• Knowledge about the homes that were most recently put on the market, which can save time in
terms of looking for a home.
• Experience with the closing process and the required paperwork, which can prove invaluable
when questions arise.
To contact a Dallas first-time homebuyer loan expert, call PrimeLending today: (800) 308-8503.
Read more first-time homebuyer Dallas mortgage articles.
© 2012 PrimeLending, A PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This
is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, A PlainsCapital Company (NMLS no: 13649) is a wholly-owned subsidiary of a state-chartered bank and is an exempt lender in the following states: AK, AR,
CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NE, NV, NY, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WV, WI, WY. Licensed by: AL State Banking Dept.- consumer credit lic no. MC21004; AZ Dept. of Financial Institutions-
mortgage banker lic no. BK 0907334; CA Dept. of Corporations- lender lic no. 4130996; CT Dept. of Banking- lender lic no. ML-13649; D.C. Dept. of Insurance, Securities and Banking- dual authority lic no. MLO13649; IL Dept. of Financial and
Professional Regulation- lender lic no. MB.6760635; IN Dept. of Financial Institutions- sub lien lender lic no. 11169; ME Dept. of Professional & Financial Regulation- supervised lender lic no. SLM8285; MD Dept. of Labor, Licensing & Regula-
tion- lender lic no. 11058; Massachusetts Division of Banking– lender & broker license nos. MC5404, MC5406, MC5414, MC5450, MC5405; MI Dept. of Labor & Economic Growth- broker/lender lic nos. FR 0010163 and SR 0012527; NH Banking Depart-
ment- lender lic no. 14553-MB; NJ Dept. of Banking and Insurance-lender lic no. 0803658; NM Regulation and Licensing Dept. Financial Institutions Division- lender licaense no. 01890; ND Dept. of Financial Institutions- money broker lic no. MB101786;
RI Division of Banking- lender lic no. 20102678LL and broker lic no. 20102677LB; TX OCCC Reg. Loan License- lic no. 7293; VT Dept. of Banking, Insurance, Securities and Health Care Administration- lender lic no. 6127 and broker lic no. 0964MB; WA
Dept. of Financial Institutions-consumer lender lic no. 520-CL-49075. PrimeLending, A PlainsCapital Company is an Equal Housing Opportunity Lender. 810 Hester’s Crossing, Suite 150 | Round Rock, Texas 78681