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The Top 7 Things First-Time Home Buyers Should Know about FHA Loans

FHA loans have four very attractive pieces that seem to work well for first time home buyers. First, low down payment requirements of only 3.5% of the purchase price. Many times people sell a home giving them their down payment, but of course that would not be true for a first time home buyer.

How to apply for a reverse mortgage in Jacksonville, Fl. Spot loans are important for sellers whose condo associations’ boards of directors have chosen not to apply to FHA for approval of the. for existing unit owners who want to obtain a reverse.

The U.S. Department of Housing and Urban Development defines a first-time home buyer as a person who has not owned a personal residence in three or more years. So, this could be someone who has never owned a home, or someone who has owned one in the past but has been renting for a while.

 · The Mortgage Bankers Association (MBA) reports first-time home buyers account for more than 75 percent of FHA home purchases. But don’t be confused. Lenient requirements for an FHA loan in no way mean your approval is a sure thing. As you explore which home loan is best for you, keep these FHA mortgage loan facts in mind.

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First Time Home Buyer Advice | What I've learned so far Things First-Time Home Buyers Need to Know Buying your first home is not something you (or anyone) should take lightly. You should be prepared with as much information about the process as you can learn before you begin. This video is essential for every first time home buyer and it’s a great refresher even if you’ve purchased a home before.

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Ideally, before they select a home, clients will have talked with one or more lenders – or even homeownership counselors – and have decided on the specific type of loan that will best. 7. extra.

First Time Home Buyer MISTAKES | 9 Mistakes First-Time Home Buyers Make | First Time Home Buyer Tips.. I have a network of top producing agents around the country. Email me and I can put you in.

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First Time Home Buyers Know the Basics and Improve Your fha loan chances. As a first-time homebuyer, there might be a lot of unknowns. Whether it’s the mortgage lingo, type of home loans, or even down payment requirements, the flood of new information can be overwhelming.