Ever been in a renters nightmare? Lazy landlord…noisy neighbor…paying a stranger’s mortgage…everyone’s renters nightmare is different. Whether it’s the neighbors holding a kegger on a quiet Saturday afternoon or losing water pressure when your landlord doesn’t care, renting can certainly have its challenges. So what happens when you decide it’s time to get out and buy yourfirst home?
Before we explore some of the financing options when it comes to buying a home, I want to share a fun video illustrating one of the funniest-but-disturbing renters nightmares we hear about. It’s funny…it’s awkward…and I’m glad it’s not me. Check out the video below for a look at what happens when your neighbor just doesn’t have the same social boundaries as you.
You can see the video below!:
If that doesn’t send you out house hunting, I don’t know what will. Let’s look at a couple of options for you if you’re ready to end the renters nightmare and buy that first home. One great option for first time home buyers is HomePath financing. This option allows a buyer to find a qualified Fannie Mae-owned home and put 3% down to buy the house. This means instead of a 10-or-20% down payment, you get just put a little down on a home that’s likely priced pretty low (since it’s a bank-owned home). Other benefits to HomePath include no monthly mortgage insurance and expanded seller concessions.
Another great choice is USDA Rural Development. This is a no-down payment option for home buyers. Of course this means the mortgage finances 100% of the purchase price. The catch here is that the house must fall within the geographic requirement of “rural” defined by the USDA. Interestingly, this doesn’t always meanway out in the sticks. Actually, a lot of smaller towns and villages near bigger cities often fall under the rural umbrella.
Those are just 2 of several mortgage options for financing your first home. You have a lot of choices when it comes to financing a house. The important thing to do first is to get pre-approved for a mortgage before you go house hunting. This will help you know how much you can afford in mortgage payments, so you know how much house you can afford.
Learn more about the proces with “The Essential Guide to Buying Your First Home” at the button below. From down payments to credit scores, you can find out the inner workings of financing your first home.