So you have decided it's time to make your move and become first time home buyers...there are some things you should know before you begin.
Tip #2 - Get Pre Approved
There are many loan programs available in our area, The Shoals. And it is very likely that you can get a loan with very little money out of pocket. But be prepared to have at least a little money put back...just in case. You may need funds to cover small expenses such as an appraisal, a home inspection, a small portion of closing costs or even a small down payment, depending on what type of loan you decide on.
The absolute first thing to do is talk to your Realtor about recommending you to a trusted mortgage professional. You need to know how much you qualify to buy before you can begin. You don't want to look at $200,000 homes if you only qualify for $125,000. Your Realtor will provide you with a list of at least 3 lenders. It is very important that you feel comfortable and confident with the lender you choose. He/She will be guiding you through this very important process.
One very popular type of loan available in our area is USDA Rural Development. This loan allows you to get 100% financing with no PMI. It offers great rates and is very easy to qualify. One of my buyers locked in a rate today for 30 years fixed, no PMI at 4.5%. The only money out of pocket for him was for his appraisal. And he should actually get a portion of that back at closing.
Give me a call and I will be glad to help you in this "process" of buying your first home and helping you find a lender who will work for you.
If you would like to see available homes for sale you can begin your search on my website. Here you will find a large list of easy searches already set up for you. All you have to do is click. Or you can contact me and I will do the searching for you...for free.
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