What Every First Time Home Buyer Should Know

What Every First Time Home Buyer Should Know

No matter how you look at it, buying your first home is a big deal. Not only is it a huge financial commitment but it's a huge emotional commitment. Taking on the responsibility of loaning such a huge amount of money has given many first time buyers sleepless nights. As long as you are smart about it and get good advice, there is nothing to worry about. In fact, buying your first home is probably easier than buying your second home since the government has several grants and programs in place that are specifically designed to help first time buyers.As a first time buyer you qualify for an FHA loan which is a great way to get on to the property ladder. The loan is subsidized by the government and aims to encourage low and mid income families to buy their own homes. It does not have any of the normal strict credit checks and it only requires a 3.5% down payment - which is way below what any normal bank loan or mortgage loan requires.One of the first things you need to do is to see a mortgage broker. As a specialist he or she will analyze your current financial situation and help your determine exactly what you can afford. A broker will also help you find the best possible mortgage based on your individual circumstances.A common mistake that most inexperienced buyers make is to try and cut corners and save on professional fees. One such fee you should not try and skimp is with inspections. Its incredibly important that you get an appraisal done and have a professional do a proper survey to make sure that you don't buy yourself a liability instead of an asset. As soon as you sign on the dotted line, its your responsibility and all the defects become your financial liability so its best to get it sorted before you buy.Speaking to professionals is important and seeking out professional advice is vital, but something as simple as speaking to your friends and family is a great way to understand the buying process better. There is a wealth of information available on the internet. Use it and get clued up before you commit.When it comes to grants and first time home buyer programs, you can always just do your research and due diligence online. All the grant programs have detailed explanations on their websites and many of them have hotlines where you can actually speak to someone. Even your local bank and building society will be able to point you in the right direction, so what are you waiting for?For more information about first time home buyer programs, see my website and learn more about getting home buyer grants.

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