We were all searching for that First Time Home Buyer Loan at one point in time, and if you are having just as much trouble as we did back then, I feel for you. However, all is not lost, and with these 2 simple tips, you will walk out from your loan officer with loan in hand.
1. Have your Credit Report Ready
Before you step foot in the bank, you must have at least your credit report, understand it, and know what is on it that they might see. You get a free report every year from each Credit reporting agency, get it, it will be invaluable to you. Make sure your credit is decent, and there are no non-payments on there. Non-payments usually mean automatic rejection, so please be careful.
2. Have a 10% available down payment
There is nothing worse than having the right credit, and being approved, as long as you have at least 10% payment available. This means, you need to know your price range of the home you want to buy, and have the maximum down payment available just in case.
Sometimes just having this payment is fine, and you might not even be required to use it. The bank might see that you planned ahead, and were prepared for it. However, you must realize if this down payment was from a loan of some sort, this would look bad for you. The down payment must not be a loan, as they see this as added debt. It must be savings, or a cash gift.
Follow these 2 simple tips, and you will be able to get your own First Time Home Buyer Loan without delay. Not being prepared for what is on your credit report is the worst thing you can do, and not having some form of down payment makes the bank look at you, and think you are not willing to put any risk into the deal. You will soon be in your new home in no time.
To learn everything you need to know about finding the CheapestHomeLoan.org Cheapest Home Loan, personal Loans, and all other loan types, visit CheapestHomeLoan.org CheapestHomeLoan.org where we help people get the best and cheapest loans whether they have good credit or bad!
No comments:
Post a Comment