Many Americans are trying to buy their first home while the market is still a buyers market. Although it is wise to strike while the iron is hot, you may not feel like you have the cash to put down on a house at the moment. Do not give up too easily because there are plenty of options out there for down payment assistance programs.
If you are looking to buy your first home, you are in luck because there are tons of assistance programs like a USDA first time home buyer mortgage. This type of mortgage will allow you to purchase your home without a down payment. This can be huge considering closing costs amount to a lot more that we usually think. You are going to want to talk to your loan officer to make sure you have a clear picture of what the closing costs will be. This will avoid setting you back on your home buying process.
If you do not qualify as a USDA first time home buyer, you may want to investigate a 203K that FHA offers. Along with a smaller down payment with an FHA loan, they offer borrowers extra cash for homes that are going to need repairs. This is perfect if you have found a great fixer upper.
Loan officer duties will include explaining all of the paper work you will need to apply for the kind of loan you want. They should explain things like what to do if you are self employed or an independent contractor. You will likely have to show two years worth of earnings when applying for any homeowners loan.
Once you have chosen a type of loan, you should seek out home loan lenders that can assist you in being preapproved. Always do a little research on homes as well, before you go out looking. The process of purchasing your first home can be exciting, but also a little overwhelming. After touring a bunch of different homes, narrow them down to a few you would like to see again. This can help relieve some of the nerves you could be feeling about choosing the perfect home.
If you think now could be the time to buy a home, begin researching USDA first time home buyer requirements. If you think you qualify for any of the financial assistances, call a reputable mortgage lender to have you preapproved. Before you know it, you will be unpacking your stuff into your new dream home, and much sooner than you anticipated.