{"id":420,"date":"2018-05-14T10:38:29","date_gmt":"2018-05-14T14:38:29","guid":{"rendered":"http:\/\/onpointcarolinasrealty.com.user.hoster905.com\/?p=420"},"modified":"2018-08-08T10:39:29","modified_gmt":"2018-08-08T14:39:29","slug":"first-time-home-buyer-options-north-carolina","status":"publish","type":"post","link":"https:\/\/onpointcarolinasrealty.com\/?p=420","title":{"rendered":"First Time Home Buyer Options In North Carolina"},"content":{"rendered":"

Now that you’ve decided to buy your first home, you have several things to do before you start looking. These steps could save you the heartache of falling in love with a house you can’t afford and could save you money on your down payment or private mortgage insurance (PMI).\u00a0Buying a home for the first time<\/a>\u00a0is easier if you do some legwork before you start looking.<\/p>\n

First Time Home Buyer Tips<\/h2>\n

Check all three of your credit scores before you contact a real estate agent. Your credit score dictates whether you are able to get a loan and how low your interest rate will be. If your score is low, you might want to repair your credit before you begin looking for a home. Even having credit bureaus delete mistakes could significantly increase your score.<\/p>\n

Get pre-approved for a mortgage. This is one of the best steps you could take as you will then know just how much house you are able to afford. Let your buyer’s agent know what your budget is \u2013 and it should be a little lower than what you are pre-approved for.<\/p>\n

Using first time home buyer government programs helps you afford a more expensive home. Some programs offer grants for\u00a0first time home buyer down payment assistance<\/a>.<\/p>\n

Start\u00a0saving money for a down payment<\/a>\u00a0long before you are ready to start looking for a home. In most cases, banks want you to put 20 percent down. If you get a grant or are willing to pay\u00a0private mortgage insurance<\/a>\u00a0(PMI), you may be able to qualify for a loan with a lower down payment.<\/p>\n

Would you like more information on first time home buyer tips in North Carolina?\u00a0 Download our First Time Home Buyers Checklist!<\/em><\/a><\/span><\/strong><\/p>\n

How to Buy a House<\/h2>\n

Once you get your credit report and, if needed, repair your credit, then check into different types of loans, including\u00a0FHA loans<\/a>\u00a0and VA loans. FHA loans are easier to qualify for than conventional loans. VA loans allow veterans to get a loan with no down payment. Once you find a loan product that gives you a good interest rate, get a pre-approval quote.<\/p>\n

How to Qualify as\u00a0First Time Home Buyer<\/h2>\n

The next step on your list titled, \u201cWhat does it take to buy a house<\/a>\u201d is to see if you qualify as a first time home buyer. Even if you have previously owned a home, you may qualify as a first time home buyer. For example, if you owned a home, then sold it and rented a place for at least three years, you may be considered a first-time home buyer.<\/p>\n

You may also be eligible for first-time home buyer grants and programs, though some of them may require you to take a homebuyer education class in order to be eligible for the grant or program.<\/p>\n

Some types of loans that may be available include:<\/p>\n