3% Down Payment for First Time Home Buyer

First Time Home Buyer

What a First Time Home Buyer Should Know

I enjoy working with first time home buyers in California,Florida and Illinois. The key with working with first time home buyers is educating them on how the home purchasing process goes, from the time you sign the real estate purchase contract, to the mortgage application process, and eventually to closing on the home.

I am available after hours as well as on weekends to all of my mortgage loan clients in the event if they have any questions. The mortgage industry is so regulated that certain mortgage guidelines might not make any sense to first time home buyers because a lot of it does not even make sense to mortgage and real estate professionals. However, the law is still the law and since 95% of all mortgage loans in this country is regulated by Fannie Mae, Freddie Mac, FHA, VA, USDA, or other mortgage regulation agency, we need to still need to follow the rules.

Where Do You Begin As A First Time Home Buyer?

First time home buyers need both a realtor and a mortgage broker. The real estate agent and the mortgage broker will work together on your home purchase to make it happen. There are many professional realtors in California, Illinois, and Florida who can help first time home buyers seek out the home of their dreams. Your California, Florida, or Illinois real estate agent will probably require you a pre approval letter from your mortgage broker.

First Time Home Buyer: Get Qualified for a Home Loan

A pre approval letter is needed because it shows the seller that you are not just a window shopper and you are already qualified for a certain amount of mortgage loan and that the mortgage broker has already ran a credit check and qualified you. A pre approval letter will also show the maximum amount of mortgage loan a borrower qualifies for and the minimum down payment needed as well as the tentative mortgage rates and terms.

What’s Next for First Time Home Buyer?

The real estate agent then knows what type of homes to show you. You can always shop for a house that is higher priced than your qualified mortgage loan pre approval because home prices can always be negotiated.

Real Estate Agents in California, Florida, Illinois

If you need some great phenomenal real estate agents in California, Florida, or Illinois, please contact me at 262-716-8151 or email me at gcho@gustancho.com or you can visit me at www.gustancho.com.

I am always in search for professional real estate agents in California, Florida and Illinois whose main mission in life is representing their clients.

Gustan Cho, NMLS ID 873293

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The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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