Home loan lenders view home loan lending much like the buyers. Its a process, insurmountable for some first time home buyers, but highly achievable for others—you just have to know what to look for.
There are many priorities to consider when conducting a property search. Universally, proximity is the first that comes to mind. How will every day life be influenced by travel time to work, school shopping and the gym? These are all good starting points for first time buyers.
However, keep it simple. Rank each home you view on a scale of 1 to 10. Do this precisely upon leaving and review this list. Chances are this will impress home loan lenders.
Know that home loan lenders offer an array of down payment assistance programs. For instance, Lift programs invest in the future of neighborhoods by supporting sustainable home ownership and neighborhood stability. This payment assistance is typically forgivable after you live in the home for five years.
Also, home loan lenders will tell you that real estate companies seek ambitious real estate agents who want to better their community and help local families get into houses.
Who can qualify?
First time home buyers programs are good qualifying examples. Often times first time home buyers will appeal to home loan lenders if they can get approved for home financing and the household income is equal to, or less than, 115 percent of the area median income for a Fha home loans. The FHA also has a 203 (k) program to assist with the upkeep of homes. Specifically, this program gives buyers extra money home repair.
There are also a number of programs to assist veterans with home loans, known as Veteran Affairs or Va home loans. The government provides mortgage assistance to veterans as a benefit. Borrowing from VA approved lenders, veterans get mortgage assistance from the government, that usually include monthly payments and lower interest rates. Home loan lenders will recommend this for most veterans.
Most importantly ensure you approach each house like your searching for a wedding ring, because realistically you are marrying into this decision. There is the possibility you will spend the rest of your life with it. A property search process can encompass every emotion imaginable in your body. You can go from exhilarated to debilitated in a heartbeat and staying even keeled is as much a priority as any.