For most of us, our homes are our innermost sanctums and must reflect who we are both inwardly and outwardly. I'd like to think all banks and lenders have your best interests at heart, but I've heard it said far too many times that a fool is soon parted with their money! I propose to First Time Homebuyers to first of all--get informed! Invest some time up front before you start looking at houses. For example, you can get your free consumer credit report over a 3 month period (request one report per month from each of the 3 Bureaus) and see if you need to make improvements in your credit at least 3 months before you go for a loan. https://www.annualcreditreport.com/cra/index.jsp  

With so many great resources, it's hard to pick just one source, which is why I compile my blogs (no ads just information). You might start at http://www.loannetter.com and then click on the First Time Homebuyer link: http://loannetter.blogspot.com/2005/06/first-time-homebuyers.html

It really matters that your mortgage professional understands your options and has access to very up to date information about your choices and is willing to go the extra mile for you. For example, many government programs now allow you to get loan credit for making improvements (like green/energy savings) as well as recognizing that you are becomming an important member of your community by investing in your first home. If you are a firefighter, a teacher, an emergency medical technician or work in a public instution like a health facility you could qualify for better loan terms. Not all banks and brokers offer FHA/VA and RDA loans.  

The most rewarding work I do is with first time homebuyers. Recently I assisted a couple who had little hope of buying their first home as they neared retirement due to very modest income. We had to document their current housing allowance since previously their housing was part of their employment contract (the staff house was being sold) and then approach their empolyer about paying them this allowance so they could afford to buy. These are often delicate negotiations but doing the work upfront means everyone appreciates it when the loan sails through easily. I also recently handled a 4 borrower two state transaction. This required an FHA loan due to property type and documentation needs. The couple buying the home let me know after the loan closed they had been looking for a loan for nearly 8 months. In fact one bank that turned them down was the very lender through whom I got their FHA loan funded through.

You see, it's our job as mortgage planners to recognize what you can qualify for and help you get it! We don't have bank managers looking over our shoulders trying to get the most money for the bank because we work for you--not your bank. And we can also move quickly to help you get into your home because we have personal relationships with our lenders and underwriters who respect the quality of our work in our community. I can say in all honesty that most lenders are eager to help people and they appreciate it when they get a sense that I am working for you also.

YOUR NEST IS OUR NICHE

copyright 2007 Susan Templeton