A Home Loan Primer for First Time Buyers

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 · The number one thing you should do as a first-time home buyer is to check your credit. Know where you stand, figure out where to improve, and get to work. Depending on your situation, it can take anywhere from three to 12 months to improve your credit.

FHA Loans: One Option for the First Time Home Buyer. However, the truth of the matter is as a first home buyer you have a lot of options. Depending on your financial situation, you may find yourself with any one of many options for financing that first house. One option often used by.

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The typical first-time home buyer overpays with the 30-year fixed rate mortgage. For most, the better choice is the 5-year ARM. Read more and discover why.

will be launched in September and be available to first-time buyers with annual household incomes of as much as $90,356. The amount of the insured mortgage would be capped at four times income, or up.

This is something many first-time home buyers don’t consider – until the roof leaks or the AC dies. As a rule of thumb, set aside 1% of your home’s value every year for maintenance. (For a $250,000 home, that’s $2,500.) If you buy a condominium or co-op, you’ll receive a monthly bill for maintenance fees.

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Our First-Time Homebuyer Specialists help you with FREE same day pre-approvals, low down payments, and savings on everything from appliances to moving expenses. The important step in purchasing a new home is to get pre-approved for a home loan. The peace of mind that comes with knowing that your mortgage loan has been approved will allow you to.

Audience: First-time buyer (3-year rule), qualified veteran, or target area buyer Feature: Deduct up to 25% of interest cost, capped at $2,000 annually, for life of loan Property must remain buyer’s primary residence for 9 yrs, or Recapture Tax may apply

Generally most of the home loans for first time buyers include very low or absolutely nil down payment, lots of grants, loan forgiveness and so on. Problem with First Time Home Loans First and foremost, you may not be able to use such kind of a loan, if you are aiming at comparatively expensive properties.

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