first time home buyer – owner loan

August 16, 2010

Home Inspection – First Time Buyer

M Siddique asked:




If you’re buying a home for the first time, you certainly have both our joy and our condolences. The myriad of details is tremendous, which are all costing money, like having to come up with the coin for a home inspection fee. So here’s something to make you feel better right away. Gudrun reports that often taxes and stamp duty in Europe are even higher and the cost for a certified a home inspection can be a lot higher than the United States. And it’s still it’s a hit to the wallet, so let’s see what we can do to make a home inspection work to your best advantage.

The first thing to suggest is make sure you also have our research in Home Inspection Overview. Okay! Assuming you have that article in your hand and know how to find someone to do a home inspection that has “papers”, the next thing to do is: ask around. Let experience be the best teacher, to other people and use the information.

Second you have a subject matter expert showing up. Tcat has two words for you: be there. The efficiency of being able to get your questions answered in real time is exceeded only by the comfort of knowing now, what is what. Perhaps also the professional has some great advice.

Third, As we have said in the other articles, don’t get emotionally attached to the specific outcome of any certain house, trying to force fit it in your brain, I am not too a report about the house in question is really a recipe for disaster. If you are really stuck on this location and want it, badly, then at least use the reality that is their in a black-and-white report, that the condition of the house sucks. This will certainly improve your odds of getting a better price on the house leaving your room for repairs. Alternatively, you might be able to get a mortgage for a reduced price, leaving you a few kilo bucks to start the repairs with the highest priority.

As always, every situation is complex and somewhat unique. And yet over and over again we see many of the same mistakes. That would be emotion overriding sound judgment.

Moreover, do not get too “piggy”, creating a win/lose situation.

Loretta

April 29, 2010

Mortgage Loans for First Time Home Buyers – 5 Tips

Jed C. Jones Ph.D. asked:




First time home buyers often face some common barriers to qualifying for a new loan: poor credit, feeling a bit overwhelmed, and a lack of knowledge about available options. Here are 5 tips to get you on the road to home ownership.

Tip #1: Start now to improve your credit score: Having a low credit, or FICO, score is one of the biggest barriers to qualifying for a mortgage for first-time buyers. This is even true for people who have perfect payment histories and very little outstanding debt. Why? Because those two items only make up 65% of your credit score.

The remaining 35% of your score reflects your status in these areas: length of credit history, amount of recently-approved or “new” credit, and variation in types of credit currently extended to you. All of these latter three factors particularly affect first-time buyers. What to do? Start improving your credit score right away.

Tip #2: Educate yourself about all of the loan factors: If you have never applied to or been accepted for a home loan before, it is natural that you may not know about all of the factors to consider when applying for a loan. There are multiple ways to structure your loan and a myriad of variables above and beyond just the rate you are getting. If you are just calling around asking for a good rate, you will likely get into a mortgage situation that does not take into account all of your needs. Make sure you educate yourself about all of the options available to you before you start making phone calls.

Tip #3: Be persistent despite feeling overwhelmed: For those who have never owned a home, the idea of borrowing $100,000 or more can certainly sound daunting. This feeling of being overwhelmed can often cause would-be borrowers to put off applying for a mortgage for yet another year. If this is you, it means just another year you will not be building equity in or enjoying your new home. It is natural to feel a bit overwhelmed, but make sure that this feeling does not stop you from moving forward and making it happen.

Tip #4: Learn about unique financing options: Did you know in many cases it is possible to borrow against your IRA without incurring any sort of early withdrawal penalties? This is a privilege that people buying their second or third home do not have. Also: many locales have their own first-time buyer programs that give substantial incentives for people in your situation. Make sure you know all of your options before making your decision.

Tip #5: If you get turned down, call at least 10 more lenders: Nobody likes to be rejected for a loan. But, if you are rejected the first time, call 10 more lenders. It is not the case that one size fits all and the situation of each lender is unique in terms of your eligibility. Also, contrary to popular belief, multiple credit report queries in a short span like 2-3 months from multiple mortgage lenders will not hurt your credit score.

Buying your first home should be an exciting, rewarding experience. By improving your credit score, being persistent in the process and educating yourself about your options, you could soon find yourself in the home of your dreams with a payment you can afford.

Anthony

December 3, 2009

First time home buyer in Pennsylvania – any benefits available?

myspacejunkie asked:


I know that there are programs out there for first time home buyers. The problem is that when I google it, I get a myriad of sites, most of which are “grants” that are not really grants but rather clever marketing tactics used by mortgage companies. Any suggestions?

Diana

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