IM LOOKING FOR MY FIRST HOME, BUT AM HAVING DIFFICULTY QUALIFYING FOR A CONVENTIONAL 30-YEAR MORTGAGE. ANY SUGGESTIONS?
Some approaches that have helped first-time buyers quality include: * pay more points to get a lower interest rate * consider an adjustable-rate mortgage * shop around for lenders and pick the one with the best total package * shop for a graduated payment mortgage or “buydown” with lower initial interest rates that rise later * look for a government-guaranteed mortgage through the FHA or VA programs which often have lower down payments and closing costs For more information on financing alternatives, consult a real estate agent who’s a REALTOR, a member of the NATIONAL ASSOCIATION OF REALTORS.
