Should Pre-Approved Home Loans be Offered for First Time Home Buyers?
The thought of purchasing either your first home, or your first dream home can be a daunting process. A high credit score and utilizing proper house hunting methods can lead to the possibility of securing your future dream home and taking on the self assumed title of home-owner. But lets say this new home that you are searching for is not just a new home, but your first home…should you have the opportunity to have a pre-approved home loan? Home-ownership entails conducting the proper research through the use of a home realtor showing you the proper in’s and out’s of the mortgage process. If you have a bad credit score or even a good credit score you may qualify for a first time home buyers program, similar to what the Federal Housing Administration (FHA) may or may not offer you. Conditional approval and proper home-buyers qualifications can lead to a first-time homebuyer credit, sometimes referred to a type of tax credit that may or may not have to be claimed when filing your yearly IRS tax returns. You may want to research the United States Department of Housing and Urban Development if you are seeking a no-money-down savings program or low interest rate type of home loan for your first dream house. The amount of your first time home loan could be dependent on the experience of your mortgage lender that you hire, how high or low your credit score is, or even your dept-to-income ratio. Your dept-to-income ration can have numerous factors that will determine how much of a down payment you can offer when calculating various lender amounts using a mortgage calculator. You may even want to consult a home lender who can provide an adequate pre-approval letter to help you get the most bang for your buck when calculating your prequalifications. A proper title company may help in securing your pre-approved home loan and may or may not help get you into your first time home buyer status and allow you to call yourself an actual home-owner.
Discussion Topic: Should Pre-Approved Home Loans be Offered for First Time Home Buyers?
