The loan process for the first time buyer can be tense.
When you're buying a home for the first time, you will likely be bombarded with free advice from family members and friends, much of which is not applicable to your particular situation. Acquiring first-hand knowledge of the loans available to a first time home buyer is the best course of action to take. This means scheduling a meeting with a loan or mortgage officer.
The Federal Housing Authority (FHA) loan product is normally the best option. FHA guidelines must be met in order to qualify for their special loan. These guidelines vary depending on which state you're buying a house in. What to expect:
1.- loan limit as to how much the buyer can borrow 2.- Buyer should prove that down payment funds are 100% his funds 3.- Minimun and maximum income limits 4.- the debt to income (DTI) ratio must be at a certain level
Also, an appraisal must be conducted on the home the borrower wants to purchase. The appraiser must be FHA certified and will complete a report with FHA specific items on it.
In order to be approved properties purchased with a FHA loan must meet minimum property standards. Mechanical and structural systems must be in working order including the roof, heating, plumbing, and electrical for an FHA loan to be approved. Deficiencies noted on an FHA appraisal must be corrected prior to closing.
First time home buyers may also utilize conventional loan products, generally requiring more of a down payment than the FHA loan. Oftentimes, these conventional loans are not practical for the first time buyer.
Special loan products may also be available for first time home buyers who fit into one of the following criteria: teachers, police officers, firemen, or military. Again, a loan officer will have knowledge of any special type of loans, some of which are found at the local level and offered by municipalities, private organizations, or other banks.
As an example of one of these special loan products, a very popular first time buyer loan for those who serve or have served in the military is the Veteran's Administration (VA) loan. A certificate ทาวน์โฮมมือสอง กรุงเทพ of eligibility must be acquired from the VA and presented to the loan officer in order to begin the process. Like the FHA loan, there are certain criteria that must be met and guidelines to follow.
The best way to find out which special first time home buyer loans are available is to meet with a loan officer. He or she has the knowledge about these loans as well as dozens of other loans that might be suitable. There is plenty of stress and anxiety that goes along with purchasing a home. Make the process of your first home buying less stressful by sitting down with a professional loan officer to find out what is the best available first time home buyer program for you.
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