First Time Homebuyer Advice | Learn the Ropes
Learn the Mortgage Process as a First Time Homebuyer
New Home Buyers
New home buyers have several options available for financing their first home.
VA Loans and FHA loans
These are both government loans but VA loans have different requirements such as being active in the military or a veteran of military service.
Both VA loans and FHA loans carry additional up front fees but can be approved with a much smaller down payment. The up front fees can be financed in the loan.
Credit scores are an important part of borrowing money, and mortgage lenders use credit scores as part of the approval process. Generally, government sponsored loans such as VA and FHA loans are more tolerant of lower credit scores. Be sure to understand the value of good credit scores in terms of borrowing, renting, or even auto insurance.
Conventional Mortgage Loans
Conventional mortgages have still another set of requirements, but are often the least expensive way to go in terms of interest rates and fees. However these loans require the larger down payment. Private mortgage insurance is available at a fee and will allow less money down.
As a first time homebuyer you will want to understand how to buy a house using one of many types of home loans available to you. And more importantly, you don't want to get in a situation where you can't afford your house because you over extended.
Apply for FHA, VA, and Conventional Mortgages at LendingTree.
Check out our First Time Homebuyer Book with 100 questions you should ask.
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