Do You Qualify as a First-Time Home Buyer?

Do you qualify for an FHA home loan as a first-time home buyer? There are several things you can check to see whether your credit and employment situations will allow a lender to justify approving your mortgage loan application.

And you don’t have to pay the broker anything! The payment comes from the home seller – not from the buyer. By the way, if you want to buy a HUD home, you will be required to use a real estate broker to submit your bid. To find a broker who sells HUD homes, check your local yellow pages or the classified section of your local newspaper.

How Much Term Insurance Should I Buy? So how much liability insurance should you have? That can be answered in two words- a lot! Even if your state doesn’t require liability insurance, it’s a good idea to have at least $500,000 worth of coverage that encompasses both types of liability coverage- property damage liability and bodily injury liability .

These questions reveal some basic misconceptions about FHA home loans. The first is that there is a preference, advantage, or other special treatment given to first time fha loan applicants or first-time home buyers. The FHA single-family home loan program does not favor or give special treatment to first time homebuyers.

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A first-time homebuyer’s credit score can affect whether they qualify for a home loan and how much they’ll need to pay in interest. Although there are no hard-and-fast rules about the allowable credit score for a home loan, you will have a more difficult time finding a lender if your score is below a certain level.

Whether you are a first time home buyer, or if your buying an investment property. It’s important to put the right amount down, even if a bank will allow a lesser amount, so that you are protected.

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Before you start. on the home price and loan program. Most lenders have special loan programs for first-time buyers. Some with income qualifications have low down payment requirements and don’t.

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(Getty Images) For someone who is thinking of buying a first home, the idea of saving enough money for a 20% down payment can be daunting. The good news is a first-time buyer can purchase. down.

The current bankruptcy law is more stringent about which chapter for which people qualify, but if the court discharges the debt, first time home buyers can often buy a home within three or four years after the case closes. Download our Road to Mortgage Ready ebook here! Post-Bankruptcy. Open a secured line of credit.

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