There are always tips to help first-time homebuyers through the process. These tips tend to be along the lines of making sure your credit is in a good place. You may also hear that you need to go through a first-time homebuyers program. These are generally well-known tips. However, there are a few tips out there you may not have heard before. In fact, some of these tips may surprise you.
You may already know about first-time homebuyers programs from various federal-based or military-affiliated groups. What you may not know is that some states have programs specifically for residents. These programs range from income-based programs to programs that help rebuild neighborhoods. For example, you may find a home that is being sold for a low price but needs work. If you are up for that challenge, your state may have programs that help you purchase the home, finance the home, and even help with the renovations.
Tax Lien Sale
If you are on a budget and you feel you can fix up a home that needs some extra care, then consider your state or county tax lien sales. These sales are ideal for first-time homebuyers. They are usually held each month and the houses on the list are ones that have been abandoned, left during foreclosure, or a similar circumstance. You can get financing for these properties depending on the lender you are using. There are also some first-time homebuyer loans programs that will cover the financing if the home is in good shape and liveable.
Regardless of the type of mortgage or financing you are considering, make sure to obtain a pre-approval letter. This letter is from the bank or financing company and will state how much you are pre-approved for. This will give the real estate agent or home sales representative an idea of your limit of financing. This letter will also show that you met certain requirements from the loan company for the financing.
.These are just a few of the first-time homebuyer tips you may not have heard of before. If you are ready to start the process of purchasing your first home, contact your real estate agent. They can help you with what is available in your area, show you homes in your budget, and discuss the options that are available to you and your situation.
Reach out to a company like Cornerstone Residential Mortgage for more assistance.Share