First Time Homebuyers’ Tips

Buying your first home? Congratulations…you’ve just made the best financial decision of your life! Now we have some tips to help you make sure that your financing is as great as the home!
Educate yourself about the First Time Homebuyer programs available in your area. Depending upon the county or municipality you choose, there can be up to $20,000 in assistance available! And remember…you’re considered a first time homebuyer if you haven’t owned a home within the last 3 years! A partial list of programs is located online.

  1. Gather the correct paperwork you’ll need to apply for a mortgage. Help in deciding what you’ll need is available online.
  2. Make sure you’re dealing with a full service lender. Ask if the lender does FHA VA and conventional loans, including the “My Community Mortgage” loan. Ask what First Time Homebuyer programs the lender participates in providing. If the loan officer tries to talk you out of it, find out if there’s a real reason why….or if that lender just does not participate.
  3. Attend a “Homestretch” class offered by a local non-profit agency. A list of agencies providing those classes is located at the Homeownership Center’s website.
  4. Engage a professional real estate agent who has your best interests at heart. It’s never a good idea to use an agent just because she’s an old family friend….it’s important that the agent you use is a seasoned professional with experience in first time homebuyers.
  5. Steer clear of programs that sound too good to be true, especially loans with low starting rates which are also adjustable rate mortgages, loans with pre-payment penalties or which allow negative amortization. If your goal is to buy a home and stay in it, then getting a loan which is sustainable over the long run is the right thing to do.

Submitted by Kris Wilson of Summit Mortgage

Category: Home Owner Tips

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