Learning How to Buy a Home
In 2023 there are issues associated with the hangover from the 2022 seller’s market, inflation, and rising property costs. Getting help navigating the current housing market is a very good idea, especially if you have never purchased a home before.
More Information Means Better Decisions
Getting the right home and the right home loan can help you make the most of your mortgage, but you’d be surprised at how many people don’t research certain options they have at loan application time.
A Freddie Mac report indicates that housing counseling and getting more financially literate are important steps to take when beginning the journey toward buying a new home. Knowing which loans are best for your needs and which ones to avoid is key. So is ensuring you get a home inspection above and beyond the appraisal which does not function in the same way.
What does it take to have more confidence on your house hunting journey? Taking advantage of the experiences of those who have purchased property before may help you gather the right information to make informed decisions about your mortgage.
Do you know the differences between an FHA One-Time Close construction loan and an FHA Rehabilitation loan? Both of these FHA loan options may require the use of contractors, both involve major construction work (unless you are using a Limited FHA Rehab loan, and both require the project to pass inspections and meet local building code.
A Housing Counselor Can Help
Do such examples sound like a lot of confusing details? This process is definitely complex which is why it’s smart to seek out housing counseling to help you navigate it for the first time.
Call the FHA directly at their toll-free number, 1-800 CALL FHA. Ask the agent for a referral to a HUD-approved housing counseling agency near you. Your housing counseling sessionm(s) don’t have to be limited to FHA loans, feel free to ask about any relevant loan issue or program.
Knowing the facts will help you save money by choosing not only the right kind of mortgage but also the right terms.
You don’t have to be afraid of the changes in the housing market we’ve seen in the last 18 months when you have a little outside help to explain how things work in the current market, what to expect, and how to make more informed choices about your home loan options.
Once you have talked to a housing counselor, consider a number of lenders before you decide on the right one for you; shopping around can save you money and that’s one of the first things you’ll learn when you get help from a HUD-approved counselor.
Annual Income Requirements for FHA Loans
Good Credit History Helps Get FHA Loans
Stay Informed About Your Mortgage Closing Costs
Do you know what's on your credit report?
Learn what your score means.