Tips for Financing Your First Home

For many Americans, owning a home is a lifelong dream. Purchasing your first home is an attainable goal, but is not without its challenges. Many will need to qualify for financing, and buyers must focus on finding a home that is affordable. A skilled Margate, NJ real estate agent can provide a great deal of assistance to you when making your first home purchase.

You should start saving for a down payment well in advance of the time you go to the Margate, NJ real estate agent to start shopping for your home. One of the most affordable programs for financing first-time homeowners is through the Federal Housing Association. With this program, buyers can often qualify for home loans with as little as a 3.5 percent down payment. The home you purchase must qualify for the program, however. Your real estate agent can advise you about homes that qualify for financing through the Federal Housing Association.

If you are unable to find a Margate, NJ home which qualifies for the Federal Housing Administration program, you will have to seek a conventional mortgage. With conventional mortgages, you are often required to have a 10 to 20 percent down payment. This is why it is important to start saving ahead of time for a down payment when buying a home.

You should take all the steps possible to get your credit in order before buying a home. In qualifying for a home loan, mortgage lenders are going to take a close look at your credit history, along with your assets and monthly debts. If your debt-to-income ratio is too high, you may not be able to qualify for a home loan.

If you are unsure what is on your credit report, you can request a free copy through one of the three major credit bureaus: TransUnion, Experian, or Equifax. If you see mistakes, you may be able to get them corrected before applying for a home loan.

Do not make any major purchases on your credit within a year of trying to qualify for a home loan. For example, do not purchase an automobile on credit. Keeping major purchases low will help your debt-to-income ratio and may be the deciding factor in getting approved for a home loan.

Don’t forget about the expenses you will have during the first year of owning your home in Margate, NJ. You may be so focused on coming up with a down payment for your real estate purchase that you forget about the expenses you will need to run your household. Set up a rainy day fund to help your pay for essentials you will need after making a home purchase, such as furniture, appliances, and any property repairs you may need to make.

Your Margate, NJ real estate agent is there to help you through the process of buying your first home and can offer helpful advice. She has helped thousands of couples achieve the dream of first-time home ownership and will work hard to help you purchase the home of your dreams.

Margate NJ Real EstateFor the best in South Jersey Shore real estate and for a complete listing ofMargate, NJ real estate, visit Atlantic City Real Estate | Condos For Sale in Margate, Longport, Jersey Shore & Ventnor, NJ – Linda Magarick, Realtor , call 1-800-636-4508, or email lmagarick@aol.com.

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