Mortgage, Loans, Insurance, Real Estate, Investment, Tax and Financial Services

What to Expect when you're expecting buying a home

There are so many unknowns to a first time homebuyer. Questions that they may ask themselves, and not know where to go for answers. Does my credit need be perfect? Do they have programs for first time buyers, what type of down payment should I expect to pay? These are just a few among many logical things that may be entering there minds, as they embark on there very first home buying expedition.

First off potential home buyers should know that owning a home in this day and age, is so much easier than when our parents purchased homes. Years ago it was standard to have to put twenty percent down to own a home, and then have a interest rate of about ten to thirteen percent. In today?s standards both are just not so. There are programs for buyers where you are able to have ?gift funds?, from the seller to help with closing cost and down payment for purchasing their home. This is beneficial for the seller and buyer because it allows everyone to get what the want. This doesn?t always work, because they seller has to be willing and able to afford to do such a thing. The City of Austin has their very own Down payment assistance program for people wanting to purchase within the City of Austin. This program allows first time buyers that same benefit, without having to depend on the seller for contribution to purchase their home. In most cases the City doesn?t ask for repayment unless the home is sold within a certain amount of years, and the client sells the property for a profit within that time. In this day and age you can buy a home with as little as $100 out of pocket! Some will find this hard to believe, but it is true.

The other big thing that buyers are concerned about is having stellar credit. There are some of us that have managed to play dodge ball, and have been blessed to have good credit. While others have had life changing circumstances drive our credit in the toilet. Lending institutions have gotten very savaay with the way creditors and debt collectors can make one account continue to have an impact on your credit well past the time of having owed that debt. If the credit falls below a certain threshold lender?s have the option of looking at a file manually. This way they can really tell the difference with new accounts and those that have been re-reported. Doing things this way takes more than a click of a few buttons, but it makes it possible for a lending institution to loan you money.

The few things to start looking at when thinking about purchasing that can be helpful are??. ? Pay all accounts on time ? No new collections ? Keep good rental history ? Compare rates with the lenders you are looking at choosing ? Work with a knowledgeable REALTOR to protect your interest

I was born and raised in Texas. Have been happily married for 12 years, and have a 3 year old little boy with one on the way. I enjoy helping people looking a purchasing Real Estate. For most it is the biggest purchase that they will ever make, and I am there the whole way through.

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