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Home First Time Home Buyer Programs are not one...

First Time Home Buyer Programs are not one size fits all!

A first time home buyer can find the right first time home buyer programs from one of the mortgage sites on the internet.

MYTH!

Just like the other first time home buyer myths, this is too important to be an “off the rack”, one size fits all shopping trip.

Many of these sites are not lenders and shouldn’t be issuing rate quotes anyway. Apparently, the government has too many other things on their plate to investigate.

Hopefully the new sheriff in town will start earning his keep and start enforcing the existing laws.

These “rate quote engines” have one purpose: Get as much information from you as possible so they can “sell” your information to some lender.

Lenders are now being held to a higher standard when it comes to quoting interest rates and disclosing loan terms, and doing so without the following information is irresponsible and probably a violation of federal truth-in-lending guidelines.

To issue you a rate quote, you can rely on, your first time home loan lender needs a P-E-N-C-I-L First Time Home Buyer Loans

Property - Whether your first home is a single family home, a condo or a manufactured home it can affect your interest rate and loan terms. The property also influences the amount you will pay in property taxes and homeowners insurance., which are included in your qualification.

Estimated Value - The amount you wish to spend for your first home may also impact your loan rate and terms. Too low and there may be additional pricing add-ons. Too high could impact the first time home buyer program you would be eligible for.

Name - A lender has to have your name to prepare a rate quote for YOU. It’s not one size fits all and all of the pieces of your financial picture are important.

Credit - To accurately quote you an interest rate a real lender has to run your credit to determine if you’re “credit worthy” according to each programs guidelines. Most loan programs have pricing adjustments based on credit score, so without looking at your credit, a lender would be shooting in the dark..


Income - The amount of money you earn also may have an impact on your loan program and interest rate. If you’re looking for down payment assistance and a first time home buyer program you have to meet the income guidelines for those programs. Your debt to income ratio may also impact your eligibility and interest rate.

Loan Amount - The amount of your first time home loan may also impact your interest rate and costs. If your loan amount is too low, there may be additional costs. If your loan amount exceeds certain program guidelines it may move you to a different product , which almost certainly means different rate and terms.

Buying your first home is too important, to leave the most important piece of the puzzle to someone who is only interested in your value as a lead they can sell.

For more information about first time home buyer programs

Other related posts:

Are you shopping for your first home in Fantasyland?

Don’t waste time with on-line mortgage calculators
Posted Saturday Jul 23