July 6, 2018
Do you need house buying tips as a first time home buyer? If you are ready to stop using rental units and are interested in becoming a home owner, there are some very important steps to take before you apply for an FHA home loan.
Consider Home Prices In Your Area: How Good Or Bad Is Your Real Estate Market?
Are prices in your area reasonable? Within your budget? It’s a very good idea to become literate in the average prices for a home in your area so that you can tell if a seller is asking a reasonable price for the property you want to buy.
It is just as important to know how much home you can afford. A two-bedroom property may be within your financial reach, but can you afford the extra bedroom for a home you can grow into over time?
Using an online mortgage calculator can help you learn how much a potential house payment might be, how much down payment could be required, etc.
Talk To The Experts: Ask A Real Estate Agent About Buying A Home In Your Chosen Neighborhood With An FHA Mortgage
Real estate agents can help you learn about the relevant trends in your area, find a property suitable for your specific needs, and help you avoid homes that have known issues that might be a problem.
How close is the neighborhood to the local airport, gas station, or car dealership? Your real estate agent can help you save time by avoiding areas you wish to stay away from or move closer to, depending.
Get Pre-Approved For An FHA Mortgage
Pre-approval for a mortgage should not be confused with final loan approval, but those who take the time to get pre-approved have a better idea of how much house they can afford and the seller will know you are serious.
Don’t Commit To Buying A Home Without A Home Inspection
When the FHA appraisal process occurs on a property you want to make an offer on, the appraisal is used to help the lender-not the borrower. A home that has been appraised has NOT been INSPECTED. For your protection, get a home inspection and never rely on the appraisal alone. It is not intended to act as a stamp of approval that the home is OK to buy and occupy.
Ask a real estate agent or do a Google search on licensed/qualified home inspectors in your area.
Bruce Reichstein has spent over three decades as an experienced FHA and VA home loan mortgage banker and underwriter where he was responsible for funding “Billions” in government backed mortgage loans. He is the Managing Editor for FHANewsblog.com where he educates homeowners on the specific guidelines for obtaining FHA guaranteed home loans.
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