Home Loans: Getting Your First One

By Author: Ivan Cuxeva
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Home loans can be a scary thing for first time buyers to consider but they don't have to be. The great thing about being a first time buyer is that there are a lot of loan programs out there that have been created just for you! Whether you have perfect credit or have some credit challenges you will find that there are loan programs, mortgage brokers, and lenders that are just waiting to help you step foot into your first home. Buying a home is scary but is also very exciting and there is nothing that can compare with the pride that comes with owning your own home.

Shopping for First Time Home Loans

Most first time homebuyers start shopping for their home and then when they find that special house that they really want to own they start shopping for home loans. If this is the way you are going about it you may get really nervous when it is time to actually find a loan. Don't be nervous; instead make sure that you have a realtor that you can trust and then turn to them for help. Most realtors have good working relationships with lenders or mortgage brokers that will help you get the funding that you need ...
... to get into your new home.

Some of the most attractive home loans for first time buyers are FHA loans. These loans are great because they were meant for people who don't have a lot of money on hand but really want to own a home. With these loans you do not need to have perfect credit and you can put down as little as three percent on the cost of the home. In addition, there are programs associated with FHA that will help you pay for your down payment as well as your closing costs. This may allow you to get into your new home for very little money or perhaps get the keys to your new place without one cent out of pocket! Could you imagine this?

When you apply for home loans, no matter what type you apply for, you will find that you are asked a lot of questions and you may not always know the answers. Don't beat yourself up if you don't know what is being asked of you, instead simply ask the mortgage broker or even your realtor for some help. These people deal with people, like you, who are new to home loans all the time and they will be more than willing to help you along and make the process easier. Don't be afraid to ask questions, pay attention to what you are being told is needed of you, and just go with the flow. This process often takes a lot of time, so don't be in too much of a rush.

You may find that it makes more sense for you to apply for a home loan before you start shopping for homes. This will take the pressure off and will allow for you to get all of your ducks in a row so that when you find that house that you have to have, that you can simply make an offer and you don't have to wait for funding to come through. Buying your first house is scary, exciting, and something that you will never forget so try to make it as enjoyable as possible!