First Time Home Buyer Tips
Izvor: KiWi
Generally a lender will pre-qualify an applicant, which means that based on income and credit history, the applicant will be told that he or she could qualify for a home in a certain price range. However, the first time home buyer needs to understand that this step does not mean that a home can be purchased for the amount quoted in a pre-qualification letter. There are several factors that will impact the amount of the loan, including the type of lender used, what is found in the credit history after extensive review, the type of property chosen and whether the buyer has sufficient funds for a down payment. Another caveat in buying a home first time or otherwise is what type of employment the buyer has. Some lenders may be apprehensive about self-employment therefore, they will require significant documentation that proves a steady income.
When purchasing a home most people need assistance to complete the home buying process and Santa Clarita first time home buyers can get assistance from a great program. The California first time home buyer Program helps first time home buyers get down payment assistance and/or assistance with closing costs.
Whether you've decided to purchase your first home, or your still in the researching phase, check to see if your state or local community has programs available for first time home buyers. Many of these programs will offer you step-by-step assistance in finding realator, a home and the loan that best suits your needs. They are an invaluable resource for any first time home buyer.
Programs for the first time home buyer should have a proven track record. Look to see that they have been in business for a reasonable amount of time. Check with your local financial institutions for a list of mortgatge companies that are considered reputable.
If you are a first time home buyer, then the institution will patiently take you through the process of landing a dream house. The whole process will be made easier for you and this is an opportunity that helps people acquire property in Santa Clarita.
Eligibility and amount of new & improved credit: There is a new component that allows an additional $6,500 credit for those who have lived in their homes for five of the last eight years - thus not restricting the benefit to first time home buyers.
Being a first time home buyer can be intimidating for a person who has never owned his or her own home. Even in a buyer's market, there are so many factors involved that the process can be overwhelming. Prior to entering into the home-buying arena, it is important that the first time home buyer does the necessary research to determine if buying is the best option and then look at how the best type of property to purchase.
