1st time home buyer
This is the parent page for the first time home buyer. We will talk about scenarios that a first time home buyer will face in purchasing a home in Maryland. There will be a specific emphasis on Anne Arundel and Howard County. A first time home buyer will have lots of questions about their financing options and what is the best loan for them. That is the whole purpose of this blog.
My goal is to give you my six years of mortgage experience in answering any questions that you might have. Here are the types of loans that will be available to you. FHA, VA and Conventional. That has changed over the last two years. You have probably herd lots of information in the news about the mortgage industry and how hard it is to get a loan. This is how the processed worked ten years ago. If you couldn’t verify your income you didn’t get a loan.
Now is why it’s cheaper to purchase a home than it was 2 years ago. Before you had 100% financing and the customer would have to pay all of their closing costs. If the home needed repairs the buyer had to take care of them. In some cases the buyer would have to pay above the asking price for a home because there were multiple contracts. The seller would tell you what type of loan you could use to buy their home.
Military and veterans were told they couldn’t use a VA loan. The reason why VA will order the appraisal and it couldn’t be bumped up in value so the buyer wouldn’t have to come out of pocket with more money. In some cases I have seen a person have to pay an extra $400 a month by not using a VA loan.
Most 1st time home buyers will use FHA. Here is the reason why. They only have to come out of pocket with as little as 3.5% of the sales price. Then the seller can pay up to 6% of the sales price in seller concessions. With most 1st time home buyers the two questions that are most important is? What are my payments? How much do I have to come out of pocket with?
Finally in the pages and post on this blog I’ll go into more details about all the information above and much more.
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