Are you a first-time homebuyer? Did you know that if you haven’t owned a property in the last three years that you are considered a first-time homebuyer?
You can’t know everything there is to know about buying a home, especially when you’re a first-time homebuyer.
Many first-time homebuyers believe they have to put 20 percent down on a home. But that’s far from true.
Average down payments are well under 20 percent. So why do so many people say 20 percent down is the minimum.
One of the biggest mistakes first-time homebuyers make is not shopping around for a mortgage.
Most loan programs require a credit score of 620 or higher to buy a house for the first time. That includes conventional loans, most VA loans, and USDA loans (which require 640+).
If you’re buying your first-ever home, you’re a “first-time homebuyer” by default.
Some loan types, like the FHA and VA mortgage programs, require a home inspection to make sure the home meets requirements for safety and affordability.
A point is simply 1 percent of the loan amount. If you choose to “buy your rate down,” or pay “discount points,” you will get a lower interest rate.
Private Mortgage Insurance (PMI) is an insurance policy that makes homeownership
possible for homebuyers who don’t want to make a 20 percent down payment.
103 Laurelbrook Rd
Cherry Hill, NJ 08034