When purchasing your first home, there are numerous considerations, and it requires extensive planning. With that in mind, you’ll likely want to work with home loan lenders who can help enroll you in a first time home buyers program that is most conducive for your given situation.
Among some things to keep in mind is how your source of income affects the loan application process. For example, if you are a freelancer, also known as an independent contractor, or you are otherwise self-employed, you will be expected to supply an income history from the past two years.
When considering different loan offers, it is important to keep in mind that individual FHA home loan lenders can quote varying overall costs and interest rates, perhaps even on the same exact loan. Be sure to do your due diligence to choose the right situation for you. This may include looking into advantageous down payment assistance programs. There is also the 203(k), which loans money to home owners who need to make certain repairs.
Also, be sure that you examine your budget, as well as industry trends, very thoroughly. For instance, if you are shopping for a home in the state of California, it can be helpful to keep in mind that the California Association of Realtors has projected the cost of buying a home to rise as of late. And when figuring out how much you will need to spend to buy your first home, be sure that you calculate what closing costs will be, so that you are sufficiently prepared to deal with the overall price.
To share additional questions, comments, or recommendations regarding buying a home in general or enrolling in a first time home buyers program, see the section below.