Home Buying Resources
May 18, 2023
If you want to buy a home and you’re a first-time home buyer, there are plenty of resources you can use to learn more about buying a home, finding contractors to perform home inspections or renovation work, and credit monitoring services that can help you stay on top of your FICO scores and loan repayment history.
Know Your Loan Limits
One of the first things you’ll want to know as a new house hunter is how much you can typically borrow in your housing market.
We’re talking here about FHA loan limits, which are established every year and indicate the “floor” or the low end of the loan limit and the “ceiling,” which is the maximum loan limit possible.
Know the FHA loan limits for the current year in your county, and you’ll have a good place to start when it’s time to make a budget and plan for the loan.
Know Your Local Programs
Are you worried about saving up for your down payment? Local down payment assistance or home buyer grant programs may be able to help.
The FHA itself does not operate these programs, you’ll need to find one in your local area, but there are down payment assistance directories that can help.
Local Reviews
Sites like Angi.com offer reviews of service providers and contractors. You can use these resources to vet home inspectors, contractors, or other service provider options in your housing market.
Credit Monitoring
Why do you need credit monitoring ahead of your FHA home loan application? Your credit scores and credit history are an important part of the loan approval process. You don’t want surprises after you fill out loan forms telling you there is a problem in your credit report.
Basically, if you do not know what is in your credit report or what your current credit score is, you are not ready to apply for a mortgage.
Know How Much You Can Afford to Borrow
This is the part where typical mortgage articles tell you to use an FHA mortgage calculator to determine how much loan you can realistically afford.
But it’s not as easy as finding a good online mortgage calculator and plugging the numbers in; you’ll need information about your current amount of debt, how much down payment you believe you can make, and what your property taxes might be for a property of the size and price you can afford.
You’ll need to do some homework to use a mortgage calculator properly, but this is good practice since your pre-approval process will likely require the same information later on.
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RELATED VIDEOS:
There's a Difference Between APR and Interest Rates
Choose Your Mortgage Lender Carefully
Getting Started With Your FHA Loan Application
Know Your Loan Limits
One of the first things you’ll want to know as a new house hunter is how much you can typically borrow in your housing market.
We’re talking here about FHA loan limits, which are established every year and indicate the “floor” or the low end of the loan limit and the “ceiling,” which is the maximum loan limit possible.
Know the FHA loan limits for the current year in your county, and you’ll have a good place to start when it’s time to make a budget and plan for the loan.
Know Your Local Programs
Are you worried about saving up for your down payment? Local down payment assistance or home buyer grant programs may be able to help.
The FHA itself does not operate these programs, you’ll need to find one in your local area, but there are down payment assistance directories that can help.
Local Reviews
Sites like Angi.com offer reviews of service providers and contractors. You can use these resources to vet home inspectors, contractors, or other service provider options in your housing market.
Credit Monitoring
Why do you need credit monitoring ahead of your FHA home loan application? Your credit scores and credit history are an important part of the loan approval process. You don’t want surprises after you fill out loan forms telling you there is a problem in your credit report.
Basically, if you do not know what is in your credit report or what your current credit score is, you are not ready to apply for a mortgage.
Know How Much You Can Afford to Borrow
This is the part where typical mortgage articles tell you to use an FHA mortgage calculator to determine how much loan you can realistically afford.
But it’s not as easy as finding a good online mortgage calculator and plugging the numbers in; you’ll need information about your current amount of debt, how much down payment you believe you can make, and what your property taxes might be for a property of the size and price you can afford.
You’ll need to do some homework to use a mortgage calculator properly, but this is good practice since your pre-approval process will likely require the same information later on.
------------------------------
RELATED VIDEOS:
There's a Difference Between APR and Interest Rates
Choose Your Mortgage Lender Carefully
Getting Started With Your FHA Loan Application
SEE YOUR CREDIT SCORES From All 3 Bureaus
Do you know what's on your credit report?
Learn what your score means.
