Tips for Buying Your First Home With an FHA Mortgage
First-Time Home Buyer Questions to Ask Your Real Estate Agent
It’s important to let your real estate agent know you will be buying your home with an FHA mortgage, since FHA home loans allow the seller to contribute up to six percent of the sale price of the house toward closing costs. This can be an important negotiating tool in some cases-let your agent know the kind of loan you’ll be using.
When discussing your home needs with your RE agent, be sure to let them know if there are considerations to keep in mind such as proximity to child care, major commuter routes, etc.
There are other important issues to remember; neighborhoods in San Antonio, Texas may be mostly flat or situated on gently rolling hills in some places. But some neighborhoods in Atlanta, George have steep hills.
Do you drive a stick-shift automobile? Is parking on a steep hill a concern for you? Let your agent know if your preferences extend to such considerations and what you prefer.
One important question to ask if you are looking at homes in a new development area or brand-new subdivision; what kinds of expansion might be happening nearby? Is a big-box retailer breaking ground near your new home? Will there be light pollution, heavier traffic, or other considerations to think about that are not necessarily a factor now? These can all become big issues for some buyers.
First-Time Home Buying Questions to Ask Yourself
Have you asked yourself some important questions about the kind of first home you need? If you are buying with another person as a couple, what are your future plans for starting a family and are the homes you are looking at now going to be large enough to accommodate your needs later down the line?
Not everyone plans to buy a first home in order to start a family. For those who aren’t planning to do so, will the home you buy now accommodate your current interests and hobbies or will you need more space as time goes by?
It may be best to consider buying a home slightly larger than your current needs in anticipation of future space requirements.
Is the home you want to buy current on energy-efficient features or will you need to add some in order to maximize your utility bill dollars? If so, the FHA home loan program offers the option to add funds for approved energy-saving upgrades.
Ask your lender about how to apply for the FHA Energy Efficient Mortgage and which kinds of upgrades are approved for the type of home you are thinking about purchasing with your mortgage loan.
Annual Income Requirements for FHA Loans
Good Credit History Helps Get FHA Loans
Stay Informed About Your Mortgage Closing Costs
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