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First time homebuyers - beware of danger lurking...

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Mortgage and Lending

This post is meant to be a signal to all Realtors dealing with First Time Home Buyers, as well as first time home buyers themselves.  Beware of the loan officer that tells you that everything is going to be like a walk in the park.  Truth is, you are going to need to document everything that has affected your income over the last two years, also everything that has affected your bank account for the last two months. 

Good credit, stable employment and a good property are no longer the end all be all answers to mortgage loan approval.  Understand that if you are working with the right loan consultant, who will shoot straight with you, and you can trust, the process will be bearable.  It will take longer than you have heard your friends talking about when they bought their house.  Your loan consultant is going to ask you for things that you probably didn't think were relevant to buying a house.

There is a silver lining.  If this is your first house that you have purchased, or you have not owned a principal residence for the last three years, your are going to get a $7500 tax credit this year for buying a home.  The tax credit is going to be charged back to you over the next 15 years, but if the tax credit would help you like it would help me this year, I say thank you Uncle Sam for finally understanding the people that need help in this economy. 

Here are two of my flyers for you to look at if you are looking for more specific information:

FHA

First Time Home Buyers

Please feel free to call me if you have any questions...God Bless...Jason

Comments (0)

Anonymous
homebuyers121

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Aug 13, 2008 09:36 AM
#1