Every year FHA helps thousands of first-time homebuyers just like you move into the house of their dreams. A home is an investment, it can save you money and it's a place to live and raise children. It's a plan for the future and an investment in your community. That's why we at FHA want all Americans to have an opportunity to enjoy the benefits of owning a home.
Knowledge opens doors. This is literally true when it comes to buying a home. To become a first-time homebuyer, you need to know where and how to begin the home buying process. The following questions and answers will give you basic knowledge. and the tools necessary to navigate the entire process - from deciding whether you're ready to buy, all the way to that final proud step, getting the keys to your new home!
Are you ready to buy a home?
You can find out by asking yourself some questions:
- Do I have a steady source of verifiable income? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable?
- Do I have a good record of paying my bills?
- Do I have few outstanding long-term debts, like car payments?
- Do I have money for a down payment?
- Do I have the ability to pay a mortgage every month, plus additional costs?
If you can answer "yes" to these questions, you are probably ready to buy your own home.
Isn't buying a home really hard? Don't you need a lot of money down and perfect credit?
It's not nearly as hard as you might think. FHA understands that many first-time homebuyers may have had some financial problems in the past and don't have a lot of money saved. That doesn't mean you can't buy a home. Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements, making it easier for you to qualify (or get approval). Even if you have had credit problems such as bankruptcy, it is easier for you to qualify for an FHA loan than a conventional loan. FHA has a low 3% down payment requirement, and that money can come from a family member, employer or charitable organization. Many other conventional loans don't allow this.
How can I find out what my credit rating is?
Simple. Call me Sean Murphy @ Community First Bank. My number is 228.861.5081. I'll provide you with a full copy of your credit report with all three bureaus and scores. The service is free, and I can give you a road map to home ownership.
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