When someone is a first time home buyer they need to first figure out how much they can afford for their total monthly housing budget. You should include how much money you will need to pay for your home owner’s insurance insurance policy and your property taxes too. If you are not sure, home loan lenders can help you figure out how much all of these expenses will cost. A first time home buyers program can be used to help you find down payment assistance programs too. FHA home loans are offered by a number of home loan lenders and you can also check into getting Va home loans if you have ever served in the military.
When you start a property search you will run across information about home loan lenders. It is important to take the time to do research on the different home loan lenders. However, it is a good idea to make a list of your top priorities when you before you even talk to home loan lenders. For instance, make a list of the amenities you want, the location and style of homes you like and if you need to, list how close to school or work you want to be when looking for a home. If shopping and recreation is important to you, list that on your list of priorities too.
Once you have made your list you will have a good idea of your home loan budget and your preferences as far as buying a house with your type of amenities. You can then start looking for your dream home. Once you find a dream home you can start talking to home loan lenders. Some people prefer to talk to home loan lenders first in order to get pre qualified for a home loan. This may even be the better way to go since you can rule out homes you know you are not qualified for in advance.
When the 2008 housing bubble collapsed, FHA loans took on a renewed importance. These days a lot of home loan lenders are offering FHA home loans.