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*UPDATE: Though most of this information is still accurate and helpful, it should be noted that the HomePath program was discontinued in October 2014 (read more here). In addition to this post, check out our most recent post about tips and tricks for buying your first home in 2015! The 2013 first time home buyer needs to know options. The US housing market has been on a slow but steady recovery path in the recent past. For the last six months, home values and prices have been inching up in most metro housing markets. In some places, demand has outweighed supply leading to limited listings and intense bidding wars.
Want to be a First Time Home Buyer This Year? Get Started Now (The original title to this article referenced 2014. However, we've found that it's still quite popular ... so we've updated it!) New information for this year (and beyond)* UPDATE: In addition to the great information included in this post, read our updated list of tips and tricks for becoming a first time home owner in 2015! Education is a major part of the home buying experience. The more education first time home buyers dive into, the smoother the process typically goes. You intuitively know this. You're already thinking about next year, and wondering what it will take to buy a home in 2014.
You would think that landing your mortgage loan, the one that fits you and your plans, should be easy. You find a bank, borrow money, and buy a house. However, all of the options can make it a murky search. It may seem like you have hundreds of options at your disposal. Here are a few examples of mortgage loan options you’ve probably heard about:
If you're debating the pros and cons of a USDA loan, you're probably already familiar with this 100% financing mortgage option. You may already know some of the pros to this loan. Further on in this article you'll read some of the good and some of the not so good about this mortgage financing choice. Download our Rural Development Factsheet here and learn more.
For an official word on the disconinuation of Fannie Mae's HomePath financing and what it means for AmeriFirst Home Mortgage borrowers, please read this: HomePath Discontinued
Making the dream come true of buying a first home is a very exciting prospect. It is also a venture that needs to be committed to after taking a look at all the options available and with a very clear understanding of the immediate and long-term financial implications.