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Saturday, September 27, 2008

NJ First Time Home Buyer Programs SOOO MANY!

Did you know that there are MANY first time home buyer programs NOT advertised? Why, because many are very complicated and time consuming for the average

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100% financing for First Time Home Buyers!
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So you think you are ready to buy a home. As a first time home buyer you are faced with many decisions. Finding your first home is not easy and finding First Time Home Buyer programs is even more complicated. They are not just out in the open for everyone to see and not at all easy to understand unless you have the right professional to help you understand and the patience to guide you through the steps.

First and foremost your professional will pre qualify you to be eligible for a First Time Home Buyer Loan. This pre qualification has determined that there is a good likelihood that you will pay back the loan you take out to buy your first home.

What does a lender look at to pre qualify for a First Time Home Loan? The process is called underwriting and it will show how you have repaid your debts in the past, if you are likely to repay your debts in the future then your likelihood and ability to repay the mortgage and all your current debts together will be favorably looked at also.

Remember this, First Time Home Buyer Programs have some flexibility when it comes to determining your first time home buyer eligibility as set forth in the guidelines for each program. Not every one's financial situation falls in a perfect circle. Some are stronger in one area of eligibility and that strength may help balance another area in which you aren't quite as strong.

Here is a self test to help you determine if you are ready to buy. answer the questions below and test yourself. If you find you are not ready to buy, don't be discouraged. You can still work to qualify in the near future. However if you find just a few minus points below, you may be ready and you should talk with a professional right away while these First Time Home Buyer Programs are still around. There are some that are expiring soon in Oct and Nov and more as we get closer to Jan 1st/ There is always something available but right now has never been better for First Time Home Buyers.

Do you pay your bills on time each month?
A lender will look at your credit report to see you have been paying your bills on time. But sometimes credit reports are wrong and you can work to correct these.

Do you have a credit history?

Sometimes and many times first time Home Buyers don't have a credit report history. so the best thing you can do is create one. Gather your rent receipts and telephone and utility bills. Make sure you have names and addresses to contact for each of these documents.

Do you have money saved for a mortgage down payment?
You can expect to have at least 3% of the purchase price for a down payment. You will need money for closing costs which can be quite costly too. You will need to prove you have these funds in a bank too.
There are programs to help a first time buyer. With some of these programs, you may be able to accept a gift from a relative or to borrow a portion of the money you will need for the down payment and closing costs from a local non-profit organization or government agency. With others, you may be able to get a grant or other first time home buyer funds that you will not have to repay and can use to cover some of these costs.
But you should have some money to qualify for the loan without any programs, just to show you have the ability to save money.

Can you afford to pay a mortgage loan each month?
Usually first time home buyer programs allow longer periods of time to pay back the loans such as 30 years. The shorter the term the larger the payment amount. the longer the term the lower the payment amount. Remember your rent payment history is critical in showing your ability to pay back the loan.

How to calculate your mortgage loan payment.
the amount of your loan will determined by how much you borrow and at what interest rate. Of course you will also need to factor in your insurance and taxes.
Here's a calculator to help javascript:self.close(); window.opener.location=''

Have you been turned down for a home mortgage loan?
If you have tried to buy a home, but were unable to get approved for a mortgage loan, you should try to find out why the mortgage lender did not want to make the loan. Ask questions, this way you will know exactly what the reason is and possibly a solution to help fix any problem. Also ask what steps you may need to take to qualify for a first time home buyer program.

You're ready to buy a home. What do you do first?
Contact a Real Estate Professional. Do yourself a favor contact one that is full time and not someone who says they are full time. You will want someone experienced and knowledgeable in first time home buyer programs also. A good real estate pro will help you get qualified and have patience in finding that special home for you.
Here's a home buying checklist to help you take notes of each property you visit. Take good notes. It be difficult to remember all the characteristics of each home as you start your house hunting process.

If you are not sure what you should do?
If you are still confused or determined that some of the areas above are maybe difficult to score yourself as positive, contact a real estate pro or your lender. They will help guide you and you may be pleasantly surprised. First time home buyer programs have flexibility and options to help you get into your new home. A professional will know exactly what to do. Many times a real estate pro will have lenders who they work with often. Keep in mind there is no money exchanged between these 2. It is a working relationship only, that each know that will assist a first time buyer in a smooth transaction.

"Knowledge is the key to your new home"

CALL TODAY if you think you are read to buy your first home.

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