January 5, 2011
First time home buyers sometimes have a difficult journey ahead of them because of all the new terms, rules, requirements and other issues the must navigate for the first time. It can be a lot to absorb at first, but eventually the first time house hunter learns what is necessary to close the deal.
Fortunately there are some basic concepts that can be presented simply to help newcomers to the housing market learn what they need to do to get ready to pursue an FHA mortgage. Are you ready to begin? Have a look at our list:
Start Early
Experts recommend new house hunters begin planning at least one year
in advance. That planning should include checking your own credit reports, eliminating unnecessary debt, and saving money for the initial expenses buying a new home can bring.
Save For Expenses
FHA home loans require the buyer to put at least 3.5% down, and there
are other fees that may be included in the loan but may save you money
over the lifetime of the loan if you pay them up front.
One such expense is your first year
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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