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First Time Mortgages
Are you finished paying someone else’s mortgage?
If you are one of America’s many renters, and you have found a community in which you would like to stay, then maybe you should consider purchasing a home. Like owning stocks and bonds, owning a home is an investment that yields some serious rewards. In addition to experiencing the freedom from landlords, you will be able to grow equity in your home, build and remodel according to your needs, and you will be able to reap some great tax benefits.
The First Time…
Just like jumping into a swimming pool for the first time as a child was a frightening experience, purchasing your first home can excite extreme uncertainty and fear. Terms like mortgage, equity, escrow, amortization, etc. can be intimidating at best. If you are ready to consider purchasing your own home for the first time, do a bit of research before you begin the house hunt. That way, you will have already been exposed to many terms associated with the home-buying industry.
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Ok, so what if I don’t have perfect credit?
Thankfully, the Department of Housing and Urban Development has come up with a variety of programs for first-time buyers. These programs were created to make it easier for first-time buyers to get a great home and a great home loan. Essentially, upon qualifying for a home loan HUD will insure the lender that they will be paid, regardless of your personal credit history. In the event that you are delinquent in payments, HUD will pay the lender what they are owed, and take possession of the house. HUD gives people who would otherwise be considered “unattractive” candidates for home loans the opportunity that they deserve to prove that they are responsible and worthy consumers. The Federal Housing Administration has even developed a group of programs that can assist first-time buyers with their down payment, making it even less stressful for potential buyers. .
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Where should I start?
Future home buyers should always start as early as possible. First, determine exactly what kind of credit you have by pulling a credit report. Use that report to set goals for yourself. If your credit history has blemishes, do everything that you can to resolve them, and take an active role in becoming financially responsible. As soon as you have established where your credit score falls, begin to do some online searches for programs that correspond with your credit score and how much you can afford to spend on a mortgage monthly. Also, contact HUD to find your nearest HUD representative. Remember, finding a home should be about building, rooting, and freedom.
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