The Realtor - Real Estate Blog

So your thinking of buying your very first home. Congrats! You have taken the most important step you could take. Now comes the fun part. Buying your first home is probably the most important and biggest decision you’ll ever make. Therefore, its very important you have a clear idea of how much you can afford and what types of financing options are available to you as a first time home buyer. In most parts, you will be able to borrow up to three times your yearly salary. With that in mind, the next step would be to find a reputable financing company to help with you your loan. In an effort to attract first time home buyers, lenders will sometimes offer several affordable mortgage options, which can help you overcome obstacles that made home purchasing impossible in the past. Some of the options that the lenders give based on each individual is as low as “Zero” down payment. For example, many federal agencies such as the Federal Home Loan Mortgage Association, better known as Freddie Mac, and the Federal National Mortgage Association, or Fannie Mae, usually offer low down payments to first time home buyers. In some cases, first time home buyers may be facing credit problems and may need the assistance of other government agencies like The Federal Housing Administration. Some first time home buyers may even qualify for a conventional loan from a bank. Many times, lenders will offer special discounts to first time home buyers to help with their purchase. For more information on financing your first home, give us a call at (951) 532-1943, your real estate professional.