Owning a home has always been an iconic American Dream. For many, however, that dream may seem out of reach. However, it doesn't have to be that way. Here is some advice to get started.
The first thing, and maybe most important thing, to do is to attend a comprehensive first-time buyer workshop. You can usually find one in your neighborhood sponsored by a real estate professional, mortgage lender, or non-profit agency.
Learning all you can about the mortgage process is the best way to begin. It will help you determine if you are ready to own a home. And, since you're likely to receive a copy of your credit report when you attend a workshop, you can determine if your credit is ready.
From there you can move in one of two ways. If you have an acceptable credit history may be directed to a Realtor to find a home, and then to a loan officer to apply for home financing. If your credit is less than acceptable you may be directed to a credit counselor for advice and assistance in repairing or rebuilding it.
There are also loan programs available to help potential homeowners who don't have a lot saved for a down payment. Some programs allow qualified buyers to obtain home financing with no money down, and often non-profit agencies and local governments offer grant money when you are buying in targeted localities.
The funds available from grants can help buyers with down payment and/or closing costs. The money comes in the form of a second mortgage, but one which is generally forgiven after you live in the home for a specified period of time.
Even if the borrower has a down payment and closing costs saved, they can use grant money to free up cash for things like rehabilitating or updating their new home. But, , there will be restrictions on the availability of grant money if buyers have substantial assets, so it is important to get the details on the grant program before applying for your home financing.
For more detailed information about buying your first home, contact an experienced Realtor® that offers real estate solutions to help you find a great home and locate the best financing, as well. You can reach Karen Dowell by calling (434) 531-6948, emailing her at email@example.com, or visiting Karen Dowell Real Estate Solutions at www.whatever.com.