Tuesday, September 28, 2010

First Time Home Buyer Programs

Getting started as a first time home buyer and learning what is available in this programs, can be a daunting task. With literally hundreds of different types of home mortgages, thousands of homes for sale to choose from, and all the details included in a real estate transaction, it is no wonder people get frustrated. The following guidelines will assist the first time home buyer in learning how to best approach the process, making it work for them instead of the other way around.

1.Hire a buyer agent. A buyer agent, a Realtor who works for the buyer, will not only negotiate, manage the paperwork and the details for the buyer, but also helps the buyer understand their options, confirm market value of homes the buyer is interested in, and answer all questions.

2.Meet with a mortgage officer. A mortgage officer, also called a loan officer, will review the buyer's credit, income and debt, and then provide the buyer with the amount they are "approved" for a loan. The loan officer will also review with the buyer: 1st time buyer programs, assistance, down payment, and HUD first time home buyer programs.

3.Become familiar with what homes are on the market. There are several websites that allow to search for homes for sale or register for free HUD home listings:

4.Make a list of questions and find the answers. A buyer agent will be able to answer most buyer questions, but it is a good idea to conduct other investigation into the first time home buying process, as well as first time home buyer programs. Counseling is a helpful option for answering HUD first time home buyer questions in general and to qualify for certain closing cost programs.

Be an informed home buyer. Hire a buyer agent, meet with a mortgage officer, learn what is available on the market and move forward to become a home owner.

Be an informed buyer,

" If it looks like a duck, and 'quacks' like duck . . . then more than likely is a DUCK"


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