Buying a home for the first time is quite the adventure. Of course the fact that you are on your way to having a place you can definitely call your own is obviously exciting! However, first time home buyers often have a hard time in their property search because, well, it is their first time, and they have to deal with many issues for the first time, such as working with home loan lenders, choosing the right property, dealing with location, and others.
This is where a little research on the whole process and the programs behind it comes in. For instance, getting the financing or applying for down payment assistance programs on a home can be challenging! Home loan lenders are increasingly choosy these days about who they give their home loans to.
Choosing a home to try to work for is the easy part, especially if you have a digital camera. If you have one, then comparing homes to figure out which one to try to purchase is a snap! Simply take the camera to the home you are looking to buy, and use the camera to document the unusual features of each home. Begin and end the picture sets with a closeup of the house number to identify each set.
Thankfully, though, there are options presented by the Federal Housing Administration, or FHA, a government agency that is part of the US Department of Housing and Urban Development. Did you know that the FHA provides FHA home loans to first time home buyers? They only require a down payment of 3.5 percent of the purchase price of the home you are looking to buy. This is only a fraction of the percentage typically needed on most other loans from home loan lenders, making an FHA program loan a great first time home buyers program! There are other government sponsored loan programs available too, such as Va home loans.
Whichever option you choose when it comes to working with home loan lenders, do not give up! Home loan lenders may be choosier these days, but they can be convinced. Even if you are self employed or an independent contractor, home loan lenders can accept applications from you if you show two years worth of earnings history.