What programs can help first-time buyers?
There are so many programs available for first-time buyers today, that buying a home may be easier than you think. Generally, these loan programs reduce down payment or closing cost requirements because savings is often the biggest challenge when buying a first home. What application fees are charged and what do they cover? Typically, lenders charge an application fee which covers the cost of a credit report, an appraisal to determine the value of the property, and a determination as to whether your property is located within an area prone to flooding. This may vary due to state laws and requirements. Some lenders may not charge an application fee, but may increase the loan rate or other costs to cover these charges. It’s important to have a clear understanding of the services covered by the fee and how they may be paid. How long will it take to know if I’m approved? The days of the 45-day loan decision are going by the wayside as lenders work to speed up the process. GMAC Mortgage’s p
