First Time Homebuyer

HOA (Homeowners’ Association) fees are regular payments that cover community management, maintenance of shared spaces, and upkeep of amenities.

Some communities have extra taxes or assessments to fund things like roads, schools, parks, or utilities. They’re added to your property tax bill or paid separately and can last for many years. Always ask if a home is in one of these districts before buying. For example, in California this is called Mello-Roos, in Texas it would be referred to as a Municipal Utility District (MUD) and in Arizona it would be Public Improvement District (PID). 

Pre-qualification is an early step in the homebuying process where a lender gives you an estimate of how much you may be able to borrow based on basic financial information you provide.

“Principal” is the amount you borrow. “Interest” is the extra cost you pay for receiving the funds upfront. 

At Universal Lending, we offer programs for a variety of down payments – ranging from as low as 0% for eligible borrowers and properties (e.g., VA/USDA) to 20% or more, subject to program eligibility and qualification. 

Credit scores generally range from 300 to 850. Minimum score requirements vary by program and may include additional conditions. 

This is where taxes and insurance are included in the monthly payment and paid to the taxing entity or insurance company on your behalf when they are due.

In many cases, a monthly mortgage costs about the same as rent, but owning offers more benefits. You’re building equity in a home you own, and you may even sell it later for a profit.