First Time Home Buyer Program

A First Time Home Buyer Program

This first time home buyer program prepares and teaches first time home buyers about the home buying process. The home buying process is presented in an easy to understand manner that will teach first time home buyers how to avoid common mistakes, save time and money, and find the answers to questions about buying a house.

Buying a house without the proper preparation will be very difficult if not impossible for first time home buyers. A first time home buyer can learn from a first time home buyer program where to find programs that assist with down payments and closing cost.

Why should I consider buying a house?

There are several reasons why you should consider buying a house. First you are paying someones mortgage other than your own. Paying someone else's mortgage means you are not receiving any tax benefits for the paid interest nor are you able to take advantage of the increased equity from the house appreciating.

How much house can first time home buyers afford?

Your housing affordability is based on your income, and monthly debts. For a quick rough estimate of the amount of house you can afford take your yearly salary and multiply it by 3.5. To calculate a more accurate amount scroll down to the bottom of the page at www.freddiemac.com to use the house buying calculator and tools.

If I qualify for a $250,000 home, should I buy a house for $250,000?

No, just because you qualify to buy a house for a certain amount does not mean you should or have to buy a house for the same amount.

What kind of first time home buyer program can I qualify for?

Many first time home buyer program qualifications are based on the amount of money you have for a down payment, your credit score, the amount of loan you can qualify for, or even the type of occupation you are currently working in.

What kind of loan programs are available for first time home buyers?

The many special available loan programs are based on your needs and current financial situation.

How much of a down payment do first time home buyers need?

Traditionally a 20 percent down payment of the purchase price is require to buy a home, however their are programs available to help you with a down payment if you do not have 20% of the purchase price.

My credit isn't good can I still qualify for a first time home buyer program?

The higher your credit score, the more programs you can qualify for. However, even if you don't have perfect credit there are still programs you can qualify for.

Where can I get a copy of my credit report?

There are three major credit reporting bureaus that can issue you a copy of your credit report before buying a house, Equifax, Experian, and Trans Union. Here's their websites and phone numbers:
Equifax, www.equifax.com, (800) 685-1111,
Experian, www.experian.com, (888) 397-3742,
Trans Union, www.transunion.com, (877) 322-8228

I don't make a lot of money at my job, so how can I buy a house that's affordable?

Some first time home buyers programs are based on low income or your occupation. The teacher next door for educators, or the program for city police officers are two examples.

Should first time home buyers change jobs or occupation?

If you are a salaried person and you are in the same line of work, then it won't hurt your chances. However if your income is based on commision, part time, or over time, then you should not change jobs because the money you make from the new job may not be the same. On the other hand the money you make from your old job can be calculated.

What are closing cost?

Closing cost are the cost associated with transferring the title from the seller to anyone buying a house. The cost can be an additional 2% to 8% of the purchase price.

Is there any first time home buyer programs that will help with closing cost?

Yes, there are first time home buying programs that will also help you with closing cost.

Should I consider getting a buyer broker agreement when buying a house?

Yes, because every thing the real estate agent does no matter how nice or good it seems to be is in the best interest of the seller. why not have a real estate agent working for your best interest instead of the seller. Despite the commission fee for the buyer broker agreement, hiring a real estate agent to work for you instead of the seller can save you a lot of money and time.

Is it necessary to be pre-approved before buying a house?

Being approved before finding your house makes the whole buying process much simpler. Pre-approval is strongly suggested, but not necessary to buy your first home. You will need a pay stub or w-2 form, a list of all your expenses and any other income, plus a copy of your past two years income tax returns.

What neighborhoods should I look to buy a house?

Any zipcode areas you are interested in living in addition to your current zipcode.

Are there any first time home buying videos or webcasts I can watch?

Yes, here are a few first time home buyer program videos:
First Time Home Buyers Guide (25 minute video)

ABC's of House Buying (3 minute video)

7 Steps to Buying a House (5 minute video)
Learn the key steps to buying a house and the seven questions you should ask yourself before getting started in a first time home buyer program.

The Home Buying Process (9 minute video)
Learn what consumers need to know about buying a home, including income, credit, down payment, who to trust, and the key steps in the process.

Where can I find Information That Will Save Me Thousands of Dollars
Buying a Home? Avoid these Costly Mistakes and Save Thousands of Dollars

Here's the link for Avoiding Mistakes and Saving Thousands of Dollars

Where can I find additional home buying tips?

Home Buying Kit For Dummies

Click here for some additional home buying tips information

What can I do if I am interested in taking the next step in buying a house?

Fill out the buyer's application and visit the related articles below.

Buyers Application

Please note that all fields followed by an asterisk must be filled in.

First Name*

Last Name*

Street Address*

City*

State/Prov*

Zip/Postal Code*

E-Mail Address*

Daytime Phone *

Evening Phone*

Cell Phone

Monthly Household Income*

Amount of Down Payment Funds Available *

Any bankruptcies within the past 2 years?*

	Yes
	No

2 or more bankruptices fillings in your lifetime?*

	Yes
	No

Credit score greater than 500?*

	Yes
	No

(Investors Only) Credit score 680 or better?*

	Yes
	No

Do you have a current Tri-merge credit report?*

	Yes
	No

Any forclosures within the last 3 years?

	Yes
	No

Have you been currently working for 1 year?*

	Yes
	No

Have you been currently working for 3 years or more?*

	Yes
	No

Are you currently delinquent on your child support?*

	Yes
	No

Any IRS Liens?*

	Yes
	No

Do you have any Garnishments?*

	Yes
	No

Do you have any unpaid property taxes?*

	Yes
	No

Do you have any charge off?*

	Yes
	No

Do you have any other judgments?*

	Yes
	No

Do you have 4 months of veriable income?*

	Yes
	No

Do you have 12 months of verifiable rent or mortgage income?*

	Yes
	No

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Home Buying Kit For Dummies

First Time Home Buyer Program

Home Buying Tips

Buy Using Owner (Seller) Financing

Rent to Own Homes

Buying Foreclosures and Pre-foreclosures

Return from First Time Home Buyer Program to Home

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