Feb 23 2018 44755 2

Feb 23 2018 44755 2

Tips for First Time Home Buyers


Start saving for your down payment, it's common practice to put down 20%  even tho many lenders will allow much less.  But putting down less means higher costs and paying for private mortgage insurance.  Even a small down payment can be hefty.  You can go on line for a mortgage calculator it will help set a goal amount.  Before you start looking you need to know what you can afford.  Check your credit it's one of the key factors to getting a mortgage, dispute any errors that may be affecting your score and pay down any outstanding dept.  DO NOT apply for any new credit.  Check out down payment options Fannie Mae  and Freddy Mac allow loans with only 3% down, Federal Housing Administration loans as low as 3.5%, Veterans Affairs sometimes require no down payment, you could also ask family members willing to pitch in.  Their are also state and local assistance programs.  You should also be budgeting for closing costs they generally run between 2% and 5% of you loan amount, you can compare prices for certain closing expense's like homeowners insurance, home inspections and title searches.  You can also ask the seller to pay a portion of your closing costs.  The most important thing to do is get preapproved so that when you are ready to make a offer on a home you can attach a letter of preapproval it lets the seller know you are a serious buyer and gives you the upper hand over buyers who have not taken this step.




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Phone: 908-670-3828
Dated: February 23rd 2018
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