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First Time Home Buyer Help with Loan Info, Mortgage Rates & More

The 1st Time Home Financing Center is a free online service assisting consumers with home loans and lenders that specialize in reasonable mortgage programs and useful resources for consumers looking to buy a home cost-effectively. With our fresh articles from mortgage and real estate experts, people are able to gain everyday knowledge and strategies to better equip them for their home finance journey. FirstTimeHomeFinancing.com provides an inclusive source for Americans in pursuit of cost-effective housing because we supply them with a simple path for financing and homeownership. If you are looking for help in making the transition from renting to becoming a homeowner, this is a great website to start at.

Our comprehensive network of local mortgage brokers, lenders and other financial professionals in all 50 states means you can find someone who is close, convenient and competitive providing the best mortgage rates and terms available. We do not offer mortgage products ourselves, but provide a direct channel between consumers and lenders and serve as an independent source of information. For the last few years nobody has helped more renters become homeowners online. Find out why our customers continue to refer their friends and family members who need help buying a home and find the best lender to help them secure the lowest rates with least fees.

first time home buyers

Since the inception of our country, homeownership has always been a revered goal. Some people even believe becoming a homeowner is a right. With economy evolving around freedom and personal rights that drive to individuals to buy a home and join a community reigns throughout our nation today.

FTHF has embraced this American spirt and developed an online platform for renters to discover resources, tools and ultimately home loan products offered by trusted mortgage companies that offer credit and financing in all 50 states. If you are a first time home buyer looking for a little love and guidance, then you have found the right site. Take some time to get up to speed on all the financing possibilities available for residential real estate from top reviewed mortgage lenders.

Uncovering the secret to establishing credit the banks, mortgage lenders and credit repositories value is imperative to achieve the best pricing and most aggressive down-payment requirements. It is important to understand what the financial institutions are looking for before seeking a pre-approval letter or pre-qualification agreement from bank. June Bloom wrote a revealing article that outlines a proven plan for renters to bolster the credit resume prior to starting the house buying process. Read Secrets to Establish Credit for People to Buy First Home with Limited or No Credit.

Our top goal is to offer consumers with hands-on and wide-ranging product information about interest rates, qualified mortgage options, and lending opportunities for first time home buyers:

best home loan lenders

9 Top Tools for First Time Home Buyers
People have a lot going on in their life these days and when they decide to take the plunge into homeownership, we suggest utilizing the many tools available to simplify the process.

Which Loan is Better for You? FHA vs Conventional
Buying residential real estate can be costly if you are not prudent and don't work with financing experts. Find out which type of loan would be the best choice with your circumstances. Learn how to eliminate paying excessive closing costs on your first home loan.

Best Mortgage Programs for 1st Time Home Buyers
There are always new purchase money options being released by mortgage companies across the country. The local state and federal government continue to extend special incentives to become a first time home owner in the United States.

Government Home Loans Insured by the FHA
For over eight decades, the Federal Housing Administration has been insuring mortgages for 1st time home buyers with great appreciation.

VA Home Loan Programs                      
One of the greatest benefits people who serve in the Armed Forces receive is the VA loan options that have jump-started homeownership for so many military families. The rates are great and the credit flexibility and no down-payment needed make these loans hard to pass on.

Down-Payment Assistance
Clearly it means a lot to the government to have more renters become homeowners, as they extend tax deductions and even financial aid that covers the down-payment for qualified applicants. Learn about eligibility and home buyer grants from the experts at FTHF.

How Much Can You Afford? – Mortgage Calculator
Renters should always "do the math" before diving into buying a home. As you likely know by now, there are a ton of great reasons to become a homeowner, but you must be able to afford the monthly payment, homeowners insurance and property taxes. Use this calculator to help you better determine how much you can afford, before you talk to a realtor and go shopping for a house.

How Much Can You Afford When Looking to Become a 1st Time Home Buyer?

Buying a home of your own is a dream for millions of people, and making that dream into a reality begins by finding the loan that works best for you as a first time home buyer. But what kind of loan can you really afford? It's something that many borrowers don't fully understand when starting the process, but something that absolutely needs to be given some consideration. We'll help you review Fannie Mae, Freddie Mac, FHA and even zero down home loans for first time buyers.

To determine how much you can afford, you can use formulas that are very similar to those a lender would use as well. Primarily, lenders look at a few basic things including your current income, the amount of debt you already have, and the cost of a loan.

For example, your debt to income ratio is determined by dividing your total amount of debt by your total monthly income. Let's say that you have $2,000 in monthly bills, and earn about $6,000 each month in income. Dividing the $2,000 by $6,000 gives you a 33% debt to income ratio. This is just as important a number as your credit score to lenders, and it can also help you see what kind of loan you can really afford.

Another thing to utilize is the mortgage calculator. This will help you understand just what to expect in overall monthly costs from your loan by determining monthly payment amounts. There are three factors that come into play here:

  1. Mortgage Loan Amount
  2. Interest Rate
  3. Amortization Schedule (Term/ Number of Months)

Combining these three pieces of information is all it takes to determine how much your mortgage will cost you on a monthly basis as well as over the course of its lifecycle.

For example, let's say that you are borrowing $200,000 with an interest rate of 4%, over a term of 30 years. Punching those numbers into a basic mortgage calculator gives you a monthly payment amount of $955, for a total loan cost of $343,739. Obviously, different fees could be added to your loan depending upon the lender and the type of loan, but this basic calculation can help you determine just what kind of loan you can really afford.

Once you have the mortgage amount and monthly payment figured out with your calculator, you can compare it to your current monthly debt and to your debt to income ratio. This helps you plan out a budget and see whether or not your current loan is one that you will be able to handle throughout the years. It's also the basic method used by lenders to ensure that you will be able to repay the loan without defaulting.

Mortgage calculators and debt to income ratio calculators can be found easily online and are one of the first tools that any 1st time home buyer needs to consider using. They can deliver a very specific and detailed estimate of overall costs, which you can then use to determine what you can afford. Take some time to do research into your loan and your current financial situation. This ensures that you make the right decision regarding your loan and your home purchase.


 

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First Time Home Financing.com does not offer mortgages or house loans. FirstTimeHomeFinancing.com is not a lender or a mortgage broker. This is a website that offers information about residential real estate financing and does not guarantee first time home loans directly or indirectly through representatives or agents. We don't participate in marketing by telephone or email or SMS. Contact our customer service dept. if you have any questions or concerns. This website has no official relationship with the FHA, VA, or HUD. Pre-Approvals and pre-qualifications are always subject to underwriting guidelines, requirements and standards outlined specifically by the bank or lending institution.

FirstTimeHomeFinancing.com provides a news and information service by offering editorial content related to the housing and mortgage industry. FirstTimeHomeFinancing.com is not responsible for the accuracy of information or responsible for the accuracy of the interest rates, APR or lending guidelines posted by advertising banks, lenders and brokers.

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