If you’re buying a home for the first time and need a mortgage, you probably have a lot of questions. The majority of states have agencies that deal with housing issues.
These agencies hold classes geared to helping first time home buyers wade through the market with little confusion. Some states will also have individual counselors to do the very same thing.
With the counseling and classes, you can get answers to all your questions including on how to get a first time home buyer loan.
There are several lenders who opt not to work with first time home buyers because they have no proven track record on payments. Instead, they opt to work with people who have already owned a home and had a mortgage.
When you’re ready to work with a lender, you want one that has no problem working with you… the first time home buyer.
Before you make any offer on any home, it’s in your best interest to get a pre-qualifying mortgage. This works in your advantage in two ways.
With a pre-qualifying mortgage, the seller will know straightaway how serious you are about buying a home. Sellers will also use that knowledge to their advantage to get rid of their home quicker, and may even reduce their asking price.
The approval process for a home can take mere days; sometimes it can take up to a week. This will depend on the lender you choose to go with. This will add time the seller must wait to close on their home. With a pre-qualifying mortgage on hand, this delay is eliminated because there’s little risk to being turned down after this point.
Don’t forget to check out First Time Home Buyer Grants to help you get assistance with a down payment, which can also help you obtain that first time home buyer loan.