Tips For First Time Home Buyers

*Synced from Seattle and Real Estate
The process of buying your first home can be extremely daunting, and although buyers may feel overwhelmed with information, in a market where first-timers are often outbid by buyers with cash on hand, doing your research and being as prepared as possible are key.
First of all, figure out how much you can afford. Meet with a lender to review your finances and establish a realistic price range. You don’t want to begin looking at homes and fall in love with one only to realize the monthly payment is too high.
Shop around for a mortgage. If you would compare prices on groceries, it only makes sense to do the same for a purchase as significant as a home. Look up who has the lowest mortgage rates online first, then call lenders and ask for a written list of their fees so you make sure to get both the lowest rate and the lowest fees.
See if you quality for down-payment assistance. There are several of these programs offering services in King County. See here for more info.
Get preapproved for a loan. This will make your offer more attractive to sellers, as there is less likelihood your loan won’t be approved while you’re in escrow. Find out from your mortgage lender what kind of paperwork you need to submit to get preapproved. These often include W-2s, pay stubs, bank statements and tax returns. Get your credit report and make sure there aren’t any abnormalities that need to be addressed.
Get referrals from your family and friends to find a great real estate agent. Interview them to make sure you feel comfortable with them and to assess how knowledgeable they are. Don’t forget that if a particular agent isn’t meeting your needs, you don’t have an obligation to continue using them.
When do you find a home that you’re ready to make an offer on, take the market into account – if it’s a sellers’ market and the home is priced well, you’ll probably want to make an offer either at the asking price or possibly even a little above. If the seller knows they will get multiple offers, you want yours to stand out.
Just like everyone else who you employ in your home search, you are free to use a home inspector of your choice. Get recommendations from friends and family to make sure you’re getting a trustworthy inspector, not just one who is working to help the agent close the deal.
If you are interested in buying a home in the Seattle area, contact your local real estate agent today.

Credit Options For Home Buyers

Buying a home is exciting and stressful especially if you are a first time home buyer. Finding the right home can be challenging but the biggest challenge is financing it. You need to have enough money in the bank to convince the lender you can make monthly payments on top of having enough to cover the costs of closing the loan in order to obtain a mortgage loan. Some home buyers search for available home buyer credits to help fund the purchasing process. Here are a few options available:
Mortgage Credit Certificate: MCC is available for first time home buyers in certain states and provides up to $8,000 in tax credits for those who have not owned a home in the previous three years, meet certain income criteria and will be using the new home as their permanent residence.

Good Neighbor Next Door Program: This program makes homes available for up to 50 percent off the listing price as long as the buyer agrees to live in the home for at least three years. HUD offers credits to school teachers, law enforcement officers, firefighters and emergency medical technicians who purchase single-family homes in areas targeted for revitalization.

Credits for Native American Buyers: HUD provides two programs for Native Americans who wish to buy a home. Native Americans are given access to sources to private mortgage financing to buy homes in Indian or Alaskan Native areas through the Indian Home Loan Guarantee Program. Members of Indian tribes who cannot qualify for mortgages through other sources can be guaranteed a loan through The Tribal Housing Activities Loan Guarantee Program.

The Federal Housing Authority has several other options to help reduce the burden of financing a
 home for first time home buyers, single parents, minorities and people with moderate-low income.

If you're in the market to buy a home, contact your local real estate agent today.

December 11, 2013 11:10 am

Buying a home is exciting and stressful especially if you are a first time home buyer. Finding the right home can be challenging but the biggest challenge is financing it. You need to have enough money in the bank to convince the lender you can make monthly payments on top of having enough to cover the costs of closing the loan in order to obtain a mortgage loan. Some home buyers search for available home buyer credits to help fund the purchasing process. Here are a few options available:
Mortgage Credit Certificate: MCC is available for first time home buyers in certain states and provides up to $8,000 in tax credits for those who have not owned a home in the previous three years, meet certain income criteria and will be using the new home as their permanent residence.
Good Neighbor Next Door Program: This program makes homes available for up to 50 percent off the listing price as long as the buyer agrees to live in the home for at least three years. HUD offers credits to school teachers, law enforcement officers, firefighters and emergency medical technicians who purchase single-family homes in areas targeted for revitalization.
Credits for Native American Buyers: HUD provides two programs for Native Americans who wish to buy a home. Native Americans are given access to sources to private mortgage financing to buy homes in Indian or Alaskan Native areas through the Indian Home Loan Guarantee Program. Members of Indian tribes who cannot qualify for mortgages through other sources can be guaranteed a loan through The Tribal Housing Activities Loan Guarantee Program.
The Federal Housing Authority has several other options to help reduce the burden of financing a home for first time home buyers, single parents, minorities and people with moderate-low income.
If you're interested in buying a home, contact your local real estate agent today.

- See more at: http://activerain.com/blogsview/4273580/credit-options-for-home-buyers?share_opt=1#sthash.hgxKKztD.dpuf

December 11, 2013 11:10 am

Buying a home is exciting and stressful especially if you are a first time home buyer. Finding the right home can be challenging but the biggest challenge is financing it. You need to have enough money in the bank to convince the lender you can make monthly payments on top of having enough to cover the costs of closing the loan in order to obtain a mortgage loan. Some home buyers search for available home buyer credits to help fund the purchasing process. Here are a few options available:
Mortgage Credit Certificate: MCC is available for first time home buyers in certain states and provides up to $8,000 in tax credits for those who have not owned a home in the previous three years, meet certain income criteria and will be using the new home as their permanent residence.
Good Neighbor Next Door Program: This program makes homes available for up to 50 percent off the listing price as long as the buyer agrees to live in the home for at least three years. HUD offers credits to school teachers, law enforcement officers, firefighters and emergency medical technicians who purchase single-family homes in areas targeted for revitalization.
Credits for Native American Buyers: HUD provides two programs for Native Americans who wish to buy a home. Native Americans are given access to sources to private mortgage financing to buy homes in Indian or Alaskan Native areas through the Indian Home Loan Guarantee Program. Members of Indian tribes who cannot qualify for mortgages through other sources can be guaranteed a loan through The Tribal Housing Activities Loan Guarantee Program.
The Federal Housing Authority has several other options to help reduce the burden of financing a home for first time home buyers, single parents, minorities and people with moderate-low income.
If you're interested in buying a home, contact your local real estate agent today.

- See more at: http://activerain.com/blogsview/4273580/credit-options-for-home-buyers?share_opt=1#sthash.hgxKKztD.dpuf