First Time Home Buyers
Izvor: KiWi
Down Payment Assistance Programs - Some cities and states offer down payment assistance programs for the first time home buyer. If you can qualify for a home loan and afford the monthly payment, but haven't saved up enough money this could be the solution for you.
Both the first time home buyer program and VA loan progam offer benefits to home buyers, however VA loans are the only ones to offer a no down payment option. The FHA will allow lower down payments than a conventional loan but does not allow for zero down home loans. An FHA loans minimum down payment is 3.5% which is lower than the 5% down payment required for conventional mortgages. Aside from VA loans, FHA loans offer the best benefits to first time home buyers who need less stringent lending requirements.
If you're a first time home buyer, it's very important to learn about the mortgage purchase process before you start looking at online mortgages. Even though the process of buying a mortgage isn't exactly the same as the traditional method, there are enough similarities that you'll benefit from reading all you can about the subject.
The home buying process can be intimidating for the first time home buyer or for someone with past credit issues. FHA will be the easiest way to home ownership, for people with past credit issues. Speak with your Realtor, and your FHA consultant for more information.
There is nothing special in the list of services that is offered to a first time home buyer. The anxious buyer is in hurry to manage things at the earliest and keeps failing therefore, reducing the stress level by assisting him, mortgage services cater to his specific needs.
Granted, these are the extreme examples. But this trend has affected almost every major city in America, to some degree. What does it mean for the first-time home buyer in 2013? It means they'll face stiffer competition for fewer properties. It means they'll have less room to negotiate the sale price with sellers. It means that most of the buyers' markets from 2008 - 2012 will become sellers' markets in 2013.
As a result of these stories, many first-time home buyers will enter the market in 2013 with false expectations. They will expect to find desperate sellers who are willing to jump at any offer, even if it's a 'low-ball' offer below the true market value. But this perception does not reflect on the current reality. In many local markets, the balance of supply and demand has tipped in favor of the seller. Bidding wars have even been reported in some cities (now there's a blast from the past).
