First Home Buyer Home Loan

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First home buyer home loan -You Want a Home but Don't Think You Can Get the Loan?

Think again! There are plenty of people out there just like you. You'd like to buy your first house but are scared you won't qualify. The likelihood of you qualifying now is much greater due to favorable home loan programs and rates. First time buyers have more choices at their fingertips than ever before.

I've never made major purchases; will I qualify for a home loan?

Just because you've never made major purchases doesn't mean you won't qualify for a home loan. First time home buyers often have this misconception about home loans. If you have to have one to get one, how would anyone ever get one in the first place? What you do need is some sort of credit history. Any credit cards, revolving credit lines or car loan should show up on your credit report. When applying for your home loan, your lender will put up a copy of your credit report to determine your credit worthiness. But don't worry, even if you've only had one credit card, but kept up with it for years, this counts towards your credit history.  

What can I do to help qualify for a mortgage loan?

As a first time buyer the best thing you can do is to apply for a mortgage loan. Just by applying, even if you are denied the first time, you are able to find out what you do need to do in order to make the next time a smooth process. Most lenders are more than eager to help you solve any problems and make you a more desirable client for mortgage lenders.

Apply for a home loan

One big mistake new home buyers too often make is that they don't bother applying for a home loan. If you don't ask, you don't receive! Just because you don't think you qualify to buy a home don't mean you don't. It never hurts to try, especially with all of the creative loan programs out there designed with the first time home buyer in mind.