Tips on Getting a Home Loan for First Time Buyers in Southwest Florida


For first time home buyers searching for FL homes for sale the news headlines may make getting a first time home buyer loans these days sound quite daunting. However with a little preparation you may just find that getting approved for a mortgage is a lot easier than you think.

For most first time home buyers shopping for FL homes for sale FHA loans are the only option. However this is actually very good news. FHA loan on FL homes for sale are extremely easy to get approved for and have long been used as a form of ‘subprime’ or bad credit mortgage. Not only are the credit requirements much more lenient than other conventional loans but so are many of the other guidelines. On top of this the down payment requirements are minimal, interest rates low and the seller is even able to pay for your closing costs.
If you are looking at FL homes for sale today you will find that most sellers and real estate agents will not even show you a home unless you are pre-approved for a mortgage loan. Regardless of this you want to contact a mortgage broker or loan officer as soon as possible in order to find out how much you qualify for and what you can do to get the best home loan so you are not wasting your time looking at properties you cannot afford. In order to get a pre-approval you will need to fill out a loan application and have your credit checked. It is always wise to keep on top of your credit report. Erroneous information is rampant these days and if you aren’t monitoring your credit report you may have negative items on it affecting your score you are not even aware of. Providing you catch these items early you can get them fixed or removed in time to get a loan on any of the FL homes for sale you are interested in. If your score is a little less than you hoped ask your loan officer about Rapid Rescore which can boost your credit in just a few days. However you should probably avoid expensive credit repair programs that have so far failed to be worth the money.

Even if you have been given a pre-approval to go out shopping for real estate in Southwest Florida for sale you need to make sure you ask your mortgage lender about any other documentation or requirements there are for getting your loan funded. The last thing you want is surprises at the last minute that could result in you losing your deposit money. This can include inspections, getting the right insurance and providing addition paperwork like bank statements and tax returns.
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