6 Thoughts on What is a good loan to get for a first time home buyer ?
  1. Reply
    February 12, 2014 at 12:29 pm

    There are several. FHA VA USDA and then conforming loans. FHA requires 3.5% down payment the VA and USDA are 100% loans and conforming the down payment is 5%

  2. Reply
    February 12, 2014 at 1:24 pm

    Put 20% down, avoiding extra costs of PMI and get a conventional, fixed rate loan.
    Get the first time buyer’s tax credit and put that money into your new home, as improvements, repairs, or extra payments of principal.
    Extra payments of principal in first 7-10 years of ownership GREATLY reduce amount of interest paid over the life of the loan.

  3. Reply
    February 12, 2014 at 1:49 pm

    My friend please be careful in dealing with these online lenders especially on this site.I have lost over $ 1580 to some useless scam right here.Don’t be too curious and jump into any transaction with them.If not for this loan officer that helped me out,my life now would have being miserable.I was approved of a $ 5000 loan,of which I was made to pay a token for the transfer charges.I doubted at first on the fee,but after much courage and thought,I felt let me give this just one last try,and to my surprised it worked out.You too can be a part of this instead of wasting your time on some idiots that are not trusted.Mrs Sherry Abass of Cherish fundings INC saved me out of my trouble. Reach her via email now at ” cherishloanconsultants@live.com ” and tell her Ms Jean Kelly from Toronto reffered you and your financial problem too would be solved at most in 24 to 48 hours.Thanks for reading

  4. Reply
    February 12, 2014 at 1:52 pm

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  5. Reply
    February 12, 2014 at 1:53 pm

    We can’t answer that because we are not privy to all of your financial information. And some loan programs may be better for you than others. So I suggest you talk with several lenders to see which program fit your situation.

  6. Reply
    February 12, 2014 at 2:16 pm

    Buying a house is a step by step process, this is the first step. Once this step is taken the others will fall in place for you.

    In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

    Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

    He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

    The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

    When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

    #1 One month of pay stubs for each person that will be on the mortgage.

    #2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

    #3 Two years of federal income tax along with the W-2 that match.

    Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

    Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

    Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

    If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

    You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

    Make sure your mortgage broker explain all your options so you may make an intelligent decision.

    What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

    So select the best option for you and your financial situation.

    You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

    Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

    Your mortgage broker will now order an appraisal to show proof of the property value.

    The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

    After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

    Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

    I hope this has been of some benefit to you, good luck

    “FIGHT ON”

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