recommended that you begin by first pre-qualifying for a
loan with a mortgage lender so you can get an estimate
of your buying power.
Before I go on, I will tell
you there are MANY awesome first-time home buyer
programs out there that you've probably never heard of.
I specialize with first-time home buyers and can guide
you to a handful of terrific programs. Remember, it only
takes one program that suits your needs. I can tell you
the basics on such programs then guide you to any number
of preferred Lenders, Bankers and Brokers that I work
with (all of which do my own personal loans) who will
treat you with fairness, kindness, ethics, integrity and
most of all, a fantastic product!
Once you get an idea of
how much you can afford, then utilize your mortgage
broker to explore the hundreds of different home loan
In an effort to attract
first-time home buyers, lenders will sometimes offer
several affordable mortgage options, which can help you
overcome obstacles that made purchasing a home difficult
in the past.
They can also help
borrowers who don't have a lot of money saved for the
down payment and closing costs, have no or a poor credit
history, have quite a bit of long-term debt, or have
experienced income irregularities. For example, many
federal agencies such as the Federal Home Loan Mortgage
Association, known as Freddie Mac, and the Federal
National Mortgage Association, or Fannie Mae, usually
offer low down payments to first-time home buyers.
If your credit isn't
perfect, other government agencies can help, like The
Federal Housing Administration (FHA). The interest rates
from these government loans tend to be a bit higher than
other types of loans, but they're generally easier to
qualify for. You can also get a conventional loan from a
private lender, like a bank. Many times, lenders will
offer special discounts to first-time home buyers. Keep
in mind that many first-time buyer programs are locally
developed and administered. Your state or local
community is much more likely to have a program
available than a national program.
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HomeSmart, LLC - Elite Group
5225 N. Central Ave. #104
Phoenix, AZ 85012