How Do You Get A First Time Home Buyer Loan?
If you are interested in applying for a first time homebuyer load, follow these simple steps Contact your state housing finance agency and request information about the first-time home buyer program, as well as any other programs their agency administers. Read the guidelines and instructions. Your state housing finance agency may refer you to a local government agency for more assistance. That’s O.K. Contact the lenders who participate in the first time homebuyer program. The lender will help you get pre-qualified and fill out the needed paperwork. Decide where you want to live and the type of house you want to buy. Make an offer on the home “subject to acquiring new financing” Once you have an accepted offer, tell the agent you will be using the first time homebuyer plan. Close the loan. A first time homebuyer loan is no more complicated than a FHA loan. Since you are pre-qualified, the whole process should only take about 30 to 45 days.
