Buying a home is serious business. With 15 and 30-year fixed rate mortgages holding steady and rising home prices, many people are embarking on this great adventure. For those of you ready to make the leap from renting to owning – here are just a few tips!
1. Check the selling prices of homes in the area you wish to live. Web sites such as Zillow and Trulia can give you a general idea of what you should expect to pay for what you want. You can also do a quick search of actual listings in your area on a number of web sites hosted by reputable Realtors, including the National Association of Realtors. In Wisconsin, you can search for homes at First Weber.
2. See what you can afford and get a pre-approval letter. Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28% of their income on housing costs. Go much past 30% and you risk becoming house poor. Visit our blog post How Much House Can You Afford? This post will help you understand how Inlanta Mortgage computes the amount you are pre-approved to purchase. Click here to learn more about the importance of getting pre-approved.
3. Consult a licensed real estate agent. Realtors are trained to help home buyers objectively examine properties in terms of school districts, safety, zoning, and much more. Don’t stop your inspection of a prospective home at the property line – the area surrounding your new home will undoubtedly affect how happy you will be in it.
Ready to begin? Contact a licensed Inlanta Mortgage loan consultant today! Your mortgage loan consultant can help you determine which of the following first time home buyer loan programs are best for you:
Conventional Mortgage Loans – Traditional program that usually requires 5% down and offers competitive interest rates.
FHA Mortgages – FHA mortgages enable the borrower to put as low as 3.5% down and are available to borrowers with less than perfect credit.
USDA Mortgages – USDA mortgage loans are designed to help lower income individuals or households purchase homes in rural areas.
VA Mortgages – VA mortgage loans are federally guaranteed mortgage loans for veterans that don’t require a down payment.
Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.