First Time Home Buyer

First Time Home Buyer Secrets Revealed

Buying your first home can be a very exciting time for the whole family. When you buy a home, you not only stop losing money on rent, but you gain equity as well. You may feel overwhelmed when you hear people talking about different types of mortgages, FHA loans or first time home buyer programs. Right! There's a whole new language to learn and here's a little help.

Purchasing a home is a big step. As a first timer, your home will probably be your most valuable asset in life. However, buying a house is a business transaction that thousands of people go through every day. If they can do it, so can you.

Your First Home at your Fingertips

As a purchaser, you can save yourself a lot of trouble if you think ahead of time how much initial investment i.e. down payment you can afford. The more money you can put into your down payment, the lower your monthly payments will be. Some types of loans require 10-20% of the purchase price. That's why many first time home buyers turn to FHA home loans for help. FHA mortgage requires only 3% and sometimes even less down payment.

FHA loan was created by the Federal Government to provide affordable housing financing. FHA stands for Federal Housing Administration.
The mortgage loan is made by a financial institution or other FHA-approved lender. FHA insures 100% of the loan. Because the lender is protected by this insurance, it can offer better terms to potential first time homeowners. Generally, FHA guidelines are more relaxed. Buyers must provide proof of income to show ability to pay the mortgage. Those who bought a house in the past may still qualify.

If you are looking for first time home buyer grants you need to contact your local authorities for information. The federal government does not offer housing grants or loans to individuals.

Shopping for a mortgage is like shopping for any other large purchase. You can easily save money if you take some time to look around. Good news is now you can do your mortgage shopping online. Different lenders can offer different interest rates and loan fees. Ask for quotes from several lenders before you decide. We have listed below some useful links to reputable lenders who can specifically design a custom mortgage loan quote to meet your special needs and goals.

LendingTree Mortgage Loans

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