First-Time Home Buyers

First time homebuyers must have a clear idea of how much they can afford and which financing options are available. It’s important to go about it wisely.



Make sure to read my Buyer’s page.

First Time HomebuyersBuying your first home is probably one of the biggest financial decisions you’ll ever make. As a result, it’s always important that you FIRST, have a clear idea of how much you can afford and which financing options are available to you as you search for a house.

And if you’re buying a Historic Phoenix home, it’s much, much different than buying a newer home or a cookie-cutter home. There is a LOT that must be done differently and correctly during the process as old houses can have hidden defects or even visible defects such as structural issues that the untrained eye would miss. I won’t let you buy a lemon.

It’s highly recommended that first time homebuyers begin by first pre-qualifying for a loan with a mortgage lender so you can get an estimate of your buying power. It is very, very important to figure out how much you can afford on a monthly mortgage payment.

There are several first-time home buyer programs that you’ve probably never heard of. I specialize with first-time homebuyers and will guide you to these programs and help you connect with the appropriate lender who will treat you with fairness, kindness, ethics, integrity and most of all, a fantastic loan product. Remember, it only takes one program that suits your needs.

Once you get an idea of how much you can afford, then utilize your mortgage broker to explore the many different home loan programs available.

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 purchasing a home difficult in the past.

There are programs for borrowers who don’t have a lot of money saved for the down payment and closing costs, have no or a challenging credit history, have quite a bit of long-term debt, or have experienced income irregularities. For example, many federal agencies such as the Federal Home Loan Mortgage Association, known as Freddie Mac, and the Federal National Mortgage Association, or Fannie Mae, usually offer low down payments to first-time home buyers.

Other government agencies can help as well, like The Federal Housing Administration (FHA). The interest rates from these government loans tend to be a bit higher than other types of loans, but they’re generally easier to qualify for. You can also get a conventional loan from a private lender, like a bank. Many times, lenders will offer special discounts to first-time home buyers. Keep in mind that many first-time buyer programs are locally developed and administered. Your state or local community is much more likely to have a program available than a national program.

For more information on financing your first home, call me, Laura Boyajian, for a friendly, no pressure and detailed consultation at no charge to you.

If you’re interested in selling your home, please read my seller’s page.

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