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Whether you are a first time homebuyer or you have already been through the process it is still good to get a refresher when buying a new home. There are many programs in place for first time homebuyers and even seasoned homebuyers if you need loan assistance or grant programs. Let's get started with some easy steps to take to start the process:
Your cheat sheet as a First Time Home Buyer
First of all, congratulations! This is a very exciting new journey you get to embark on. I am sure you have realized by now that buying a home can seem like a very daunting task, but you have come to the right place. Here is a list of all the things you need to know to get you started!
Check your credit score and Get Pre Approved
Your credit score is dependent on the rate at which you pay off any existing loans and debt and the timeliness of those payments. Your credit score can either increase or decrease depending on these factors. We typically can approve buyers with a credit score of 580 and offer numerous loan programs that you will feel successful and catered to in.
What is your budget and monthly cost flexibility?
Luckily, as a first time home buyer there are a lot of perks like a down payment as little as 3%. So if you are looking for a house at $300,000 your down payment could be $9,000 compared to a 20% down payment of $20,000. Once you determine your annual income and monthly budget, you can begin to plan accordingly. And get serious about being firm in your desired budget.
But the most important part to remember is your down payment mostly comes out of your savings and your mortgage payment or monthly payment, down the line, is where you really need to be smart about budgeting. A good rule of thumb to see what you can afford is take your yearly income and multiply it by three. So if you make $100,000 a year you can most likely afford a $300,000 home.
Choose a lender to give you the best loan and interest rate
Well since you're already here, you must know that we at Future Mortgage offer really great rates for all types of loans. From First Time home buyers to VA loans we have lenders on hand 24/7, 7 days a week to assist you with the best rates. If you are looking to get a quote you can use our free quote estimator to assess what kind of loan you are looking for and what your budget looks like.
It is our job to ensure you are getting the best rates possible. Trust us, it makes everyone happy.
