Everybody at one point was a First Time Home Buyer.
Here are some key facts
- Real estate and mortgage professionals are there to help you each step of the way.
- Realtors’ fees are paid by the seller, not you.
- FHA Mortgages are the most common loans for 1sttime homebuyers as it requires a lower credit score and you can buy a more expensive home.
- The Down Payments can be as low as $0 (USDA and VA loans) to 3.5% (FHA), depending on your credit and the mortgage program.
- The Seller and the lender can cover your closing costs.
- You don’t need perfect credit, just not terrible. A 580 score is enough for many.
- A family member can gift you the down payment.
- The Realtor and Loan Officer will guide you.
- 1 in 3 loan application in the US is for First Time Homebuyers.
- Student loan debt is the biggest problem many First Time Homebuyers have as it lowers how much they can borrow.
- It is OK to have co-signor, such as a spouse or family member.
The process is the same for everybody: your credit needs to be pulled, your income verified, get your pre-approval letter, and work with a realtor to find a house.
If you are applying for a mortgage, and are talking to a loan officer, decide whether (s)he is going to be easy to work with, whether the communications are clear and easy to understand and answers all your questions.
For more info: Chris Luis, My Favorite Mortgage Broker.
Call or text me 941-219-4381.
Write me: email@example.com
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