In the old days (before 2006), all it took to get a loan was to pass the breath test. If you were breathing, you got a loan. Now things are a little different. However, according to REBAC, many first time home buyers don't know these new facts.
Although, I am not a lender, and a good lender can give you all the details, I do know a few important details. Again, in the "old" days, as long as you had decent credit and some down payment, you were able to get the lowest interest rate. Now, interest rates vary in little increments from the lowest quoted price on up. So for each slight deviation from perfection, your potential interest rate adjusts up.
Many loan programs that used to exist like 0 down loans and 0 down, no document loans are no longer around or much harder to qualify and obtain.
Which loan is the best for you? 15 year, adjustable, etc? Now more than ever it is important to find a qualified lender to pre-qualify you before you buy. Not only can the lender help you determine how much you can afford, they can help you decide which products will serve you best.
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