subject: Home Loan Faqs [print this page] Most homebuyers rely on their home loan to be able to finance successfully the property they want to buy. If you have plans to purchase an Anaheim real estate and you do not have enough cash to pay for the property, you can seek assistance from the financing programs sponsored by the government and various business sectors. Months before viewing Anaheim Homes for Sale, you can already start shopping around loan program being offered. You probably have more questions in mind regarding mortgages and to help you with it, below are some frequently asked questions of homebuyers:
a.Are there financing programs for first time homebuyers
Of course, there are. Actually, there are various home-financing assistance programs targeted to first time homebuyers. The Federal Housing Administration and other national and local government units offer several programs to help you fund the property you want to buy. Call the housing finance agency in your area to check what programs are currently offered to buyers. You can also inquire to commercial banks, mortgage companies and private credit unions about the home loans they have for homebuyers.
b.How does prequalification, preapproval and final loan approval differ from each other?
The lender can prequalify you for an amount of mortgage you can get after he or she make an assessment of your loan capacity by looking at your credit report and your income. At this point, verification of employment information and other financial accounts is not yet required. Your credit and your employment will only be verified during the preapproval stage. An appraiser is also needed in this stage to check if the property you want to buy is worth the amount of money that you are lending. You will get the final loan approval once the appraiser has checked the property, all the documents needed are submitted to the lender and all the conditions are already met.
c.How do I compare various mortgage programs?
To compare all the mortgage programs suited for you, you will need to seek advice from professionals. You can go to a local bank with various mortgage offerings. Mortgage experts from the bank can explain to you each of the programs and give you the advantage and disadvantages of each one of them. You can also get the services of mortgage brokers, who can look for loan programs appropriate for the conditions you set in terms of your financing status.
d.Is it possible to utilize my IRA retirement fund?
e.Yes, IRA allows first time homebuyers to use your retirement funds. First time homebuyers are defined as those individuals (and his or her spouse, if married) who do not own a principal residence for the last two consecutive years. IRS will let you and your spouse, if already married, to withdraw $10,000 each to use in a home purchase.
