Thread: First Time Home Buyer

I am looking to buy my very first house with my fianc

You would want to check with the county you are buying in or with the state for any programs they might have to help with that sort of thing. There are programs out there that help. Most lenders will allow for state programs. There are some other companies out there like Ameridream that you can use. I would ask your loan officer if they have had any experience working with down payment assistance programs. You want someone who knows what they are doing, I would also check with your agent about it and see if they have any experience with it...

just my opinion. Good luck!

You sound as though a FHA product would be your best bet these allow for seller contributions for your downpayment and closing costs if they are through a housing downpayment assistance program such as Neamiah or Ameridream. Also as the LO said there may be assistance programs in your county for first time home buyers. If you go with a FHA loan your use of downpayment assistance programs will not hinder you in getting a mortgage.

To check for county downpayment assistance programs in your area go to your county clerks office and ask about these programs as well as your city hall. You can also do a search online for "my county downpayment assistance programs" in the quote insert your county where it says my county. Search in all four of the largest search engines with these terms. Good luck and feel free to ask any other questions you have.

Thanks for the information! Is there any reason why a seller or lender might not want to deal with someone on an FHA loan?

Buying a home can be complicated and frightening. You acquire a large debt and assume many new responsibilities. And in the back of your mind is that nagging question, “Did I get ripped off?”
I designed a list of few tips to help one make the best homebuying decision possible.

1. Look at the purchase as an investment.
2. Avoid short term loss. Most places have slow, steady home appreciation. You can make the most of your investment by buying in a neighborhood where home values are expected to appreciate.
3. Use a buyer’s agent. A buyer’s agent represents the buyer and is paid by the buyer to represent their interests. If you’re not a skilled negotiator, a buyer’s agent is probably the smart choice.
4. Choose agent wisely. Look for an agent experienced in working with buyers, with knowledge of the neighborhood you are considering and without a reputation for being “pushy.
5. Carefully inspect the home. Learn as much as possible about evaluating the condition of a home.
6. Watch interest rates. The lower the interest rates, the bigger mortgage a buyer can afford. An asking price may sound too high, but at a lower interest rate, you might be able to qualify for a loan and afford the payments.

First you need to make a list of what you want & need in a home. second, get approved by a saving & loan company. then you check the areas you would like to live, then get a buyers agent. never let them tell you what you want, you tell them what you want in a home & where. just remember you are the one who has to make the mortgage every month. just make sure you love this place. if you get an agent you really like & trust you could have a very pleasant experience. if not it could turn into hell for you.Think about when you want to sell it too, is it in a good location for you to sell quickly. is it close to schools, markets etc...

GOOD LUCK!!