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Highlands West Real Estate Trends: First Time Buyers
Loan considerations for a first time buyerLending guidelines are changing on a daily basis for every type of loan: conventional, FHA, VA & commercial.  Nevertheless, there are still very attractive first-time home buyer options available.   If you are or will be a first-time buyer, it is critical to speak with a loan officer before looking at homes.  It is a crushing feeling to view a home, picture making it your own and then find out that you cannot qualify to purchase it.  A loan officer will pull credit, analyze debt-to-income ratios, review assets and income and determine what you can afford.  Presuming a pre-qualification occurs, the loan officer will then be able to provide an array of loan options.  Presently, FHA loans are the predominant loan for first-time home buyers as they offer flexibility with down payment, income and assets.  In 2009, FHA loans will require a 3.5% down payment; however, such funds can be a gift from friend or family member.  Additionally, pending on where the home is purchased, many cities still offer down payment monies to assist borrowers with little or nothing down.  There is even a program that permits someone to purchase a home for as little as ... more

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