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First time home buyers have so much to learn about buying their first home that it can be overwhelming. ?To help get you up to speed here is part one of two posts called ?Things First Time Home Buyers Should Know.?
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- Most first time home buyers put only 3.5% down.?You don?t need 20%.
- You can buy for as little as $500 down.?This is called an MFA loan, and if you qualify it?s a great deal, not all lenders like to do them, so you should ask me who will one for you.
- Your total mortgage payment will include principal, interest, taxes and insurance (PITI).?Sometimes you?ll see just principal and interest advertised.
- Not all homes qualify for all loan types. Those incredibly low priced fixer uppers? You usually need cash or conventional financing (no FHA, no VA)
- You can?t overpay for a home. Your lender will order an appraisal to make this doesn?t happen.
- One Realtor can show you all the homes you want to see. I can show you any home whether it?s listed by Coldwell Banker, RE/MAX, Century 21 or anyone else.
- You should get prequalified first. You?ll need a letter from a lender stating that you are qualified to buy when you make an offer.
I hope this answers some of your home buying questions. Are there any specific questions you?d like to ask? Post them in the comment section here and I will answer them for you.
Related posts:
- Transitioning from Buyer?s Market to a Seller?s Market
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