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    Find A Low Interest Mortgate For First Time Home Buyers
    Author: Annetherese Cullen
    Website:
    Added: Thu, 18 May 2006 10:11:01 -0700
    Category: Other
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    If you are a first-time homebuyer, applying for a mortgage can be a very stressful situation. It is common for first-timers to become overwhelmed with all of the technical jargon and the variety of choices available to them. However, if you are tired of renting and you have a steady income and a good credit rating, you are already on the road to purchasing your own home. With a little help from special first-time buyer programs, you can purchase a home for less per month than you have been paying to rent.



    As a general rule, a household can purchase a home that is worth up to two to three times its yearly income. However, if you are a low-income family, there are special programs that can help you obtain an affordable mortgage that will allow you to purchase a higher-value home. When you first apply for your mortgage, you will need to gather all of your financial information. You will need to know your salary, employment history, personal assets, bank balances and debts. You will then need to decide which type of mortgage you would like to apply for.



    There are two different types of mortgages, fixed rate and adjustable rate. With a fixed rate mortgage, you will pay the exact same interest rate throughout time, whereas an adjustable rate can fluctuate over the years. Deciding on the type of mortgage you need depends on several different factors. These include your current finances, expected changes to your income and how long you expect to stay in the house you are purchasing. With a fixed rate mortgage, you may save money in the long run, but you will end up paying higher monthly payments. On the other hand, you can pay less per month with an adjustable rate mortgage, but you could end up paying much more overall if interests rates skyrocket.



    Obtaining your first mortgage can be made easier with a little help from special programs. The FHA, or Federal Housing Administration, issues government-insured loans for first-time buyers. These loans typically have lower down payments and are more flexible in their qualification requirements. The Rural Housing and Community Development Service is another program that helps low down payment loans. This agency provides loans to farmers or people in rural areas who cannot obtain mortgages elsewhere. State and local governments typically provide these loans to first-time buyers that qualify.



    HUD homes are a good option for those who have limited funds available for home buying. HUD homes are sold as is, at or below market value, making them more affordable for first-time mortgage seekers. HUD homes are houses that have been repossessed by the government after owners defaulted on their government insured mortgages. These homes can be a good investment, especially if you plan to fix them up and increase their market values, or if they are locating in up and coming areas of town. If you are a first-time buyer, you may be able to bid on a HUD home and secure a low interest mortgage more easily, especially if you arrange financing through government agencies.



    No matter what route you choose, there are many different ways to secure a mortgage that works for you. If you have little money for a down payment, you can obtain a low or no down payment loan that may have a slightly higher interest rate and higher monthly payments, but it will enable you to stop renting and to start investing in your future. If you do enough research, you will be able to find and qualify for a first-time homebuyer loan that is affordable and fair.

    View all Annetherese Cullen's articles


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