After taking these steps to get your financing in order , finding your first home will be a much more enjoyable experience . To help ease the first-time home-buying stress , visit gbvbuilders . org online directory for mortgage lenders in the area .
Get Objective Advice
Attend a first-time home buying seminar or talk to a housing counselor . The U . S . Department of Housing and Urban Development offers free housing counseling and seminars . Housing counselors can help you determine if a loan you are looking at is right for you . You can find more information by visiting hud . gov or calling HUD ’ s interactive voice system at ( 800 ) 569-4287 .
Pre-Qualify for Your Home Mortgage
To ensure the financing process goes smoothly , buyers should consider prequalifying for a mortgage and having a financing commitment in place before shopping for a new home . Buyers also may find that some home builders have arranged favorable financing for their customers or offer financial incentives . Pre-approval also enables you to quickly make an offer when you find a home , and is attractive to sellers who are considering multiple offers .
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A lender ’ s pre-approval would still be subject to a final verification of your credit and a satisfactory appraisal . It ’ s important not to rush this process and it ’ s smart to interview several lenders before deciding the right mortgage for your situation .
Qualifying for a mortgage and saving for a downpayment remain primary obstacles to homeownership . To address these issues , Fannie Mae and Freddie Mac offer low-downpayment mortgage programs geared primarily toward the first-time home buyer market . These lenders currently offer mortgages with three percent downpayment , allowing more creditworthy borrowers who lack the funds for a large downpayment to obtain a home mortgage .
Financing Options for Veterans
If you are a military veteran , make sure you explore the special financing options available to you through the VA Home Loan program . While you would still apply for the mortgage through a private lender , the VA guarantees a portion of the loan , which can mean more more favorable terms and lower monthly payments . Visit benefits . va . gov / homeloans for more information .
After taking these steps to get your financing in order , finding your first home will be a much more enjoyable experience . To help ease the first-time home-buying stress , visit gbvbuilders . org online directory for mortgage lenders in the area .
Parade of Homes™ Guide 2018