Best Financial Options for 1st Time Home Buyers are some of the best ways to leverage being a first time buyer on The Main Line. Sick of renting, but nervous about buying in the current conditions? While I work with many luxury homeowners on The Main Line, I also help millennial buyers looking to purchase their first home. It can be pretty daunting on todays’s market with so many people saying there is no inventory, but the financing is great- what does that even mean, right? I wanted to share the financing options for a first time buyer on The Main Line. Here are my cheat sheet take aways:
First, know that Obtaining a mortgage is a crucial step in purchasing your first home, but if you are planning on having help with a downpayment or another person paying cash, you have the best chances at winning a contract. With regard to getting financing yourself, here are a few things to consider. Lenders evaluate your creditworthiness and your ability to repay based on your income, assets, debts, and credit history. When you choose a mortgage, you’ll have to decide between a fixed or floating rate, the number of years to pay off your mortgage, and the size of your down payment. Conventional loans are mortgages that the government does not insure. Depending on your circumstances, you may be eligible for more favorable terms through an FHA, VA, or other government-guaranteed loan. Some really good news is that as a first-time homebuyer you may be eligible for special programs allowing you to access deeply discounted homes, and put low or no money down.
Most of the financing that I see from first time homebuyers on The Main Line are conventional loans and VA loans. In this market, that is so competitive, you really, as a first time homebuyer, need to be preapproved for a loan and have at least a 20% deposit. If you are considering buying on The Main Line and not sure where to start, I have amazing resources for first time home buyers and am able to pay full attention to your needs and walk you through each stage. Contact me today or take a look at some of my comprehensive resources below. Kimmy Rolph Sells The Main Line and Local Areas.
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