First of all, learn the financing basics. Get your credit under control and learn all the details to your income and your outgo.
When you buy your first home, making monthly payments probably won't be a problem. After all, you're already paying rent to your landlord each month. It's coming up with the lump sum needed for a down-payment that may seem impossible. Fortunately, there are options to make buying your first home a happy reality.
Programs for first-time buyers. There are still great programs out there and now that the rates are so low, you can certainly get a better deal on a home and negotiate to your terms on an offer in this buyer's market. (learn more about a buyer's market from my Sedona real estate connection)
Your lender. Don't be naive about your lender and your loan. Be sure you understand all the documents and what you are signing. If you don't, be sure to ask. If the lender feels irritated or trys to hurry you along, it might be best to find another lender. Don't get stuck in this subprime mortgage mess.
Seller carries contract. Look for a seller to help you buy and finance your home. Some sellers are willing to carry the contract themselves and will waive the down payment. You may only have to pay the monthly mortgage installments.
Need financial solutions?
Credit or tax problems. Do you have problems with your credit rating or owe money in taxes? Buying your first home is still a possibility. Check with your lending institution about options, such as paying a higher down- payment. My Enterprise AL real estate connection has and excellent source for credit issues.
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What to do as a First Time Home Buyer
