{"id":523,"date":"2018-09-18T09:00:34","date_gmt":"2018-09-18T13:00:34","guid":{"rendered":"http:\/\/onpointcarolinasrealty.com.user.hoster905.com\/?p=523"},"modified":"2018-08-14T08:14:32","modified_gmt":"2018-08-14T12:14:32","slug":"how-to-qualify-as-a-first-time-home-buyer","status":"publish","type":"post","link":"https:\/\/onpointcarolinasrealty.com\/?p=523","title":{"rendered":"How To Qualify As A First Time Home Buyer"},"content":{"rendered":"

If you are buying a home for the first time, you may be a bit intimidated by the mortgage process. However, it is easier than it sounds, especially when you are able to qualify for first time home buyer assistance. To qualify as a first time home buyer, you need to be buying a home for the first time or you need to have been renting for at least three years. In some other cases, you may be eligible as a first time home buyer, so you should always ask about\u00a0first time home buyer government programs<\/a>.<\/p>\n

Qualifying as a First Time Home Buyer<\/h2>\n

Learning\u00a0how to qualify as a first time home buyer<\/a>\u00a0is easier than you might think. The only extra steps you have is to find out which programs are available for you. Your real estate agent is able to help you with applying for the programs.<\/p>\n

Before you start looking for a home or even before you look into first time home buyer programs, you need to find out what your credit is. Even if your credit is not stellar,\u00a0first time home buyer credit qualifications<\/a>\u00a0make it easy to qualify. First, check your credit score at one of the free sites:\u00a0Credit Karma<\/a>\u00a0or\u00a0WalletHub<\/span><\/a>. Be sure to pull reports from all three credit reporting agencies.<\/p>\n

Once you get your credit report, check it for errors. Dispute any errors, including inaccurate identifying information, incorrect employers, inaccurate payment information and accounts that should not be on your credit report. Do not apply for credit until you are ready to apply for a home loan as it lowers your credit every time you apply. Start paying off debt, especially credit card debt, to lower your debt to income ratio.<\/p>\n

Qualifying for a Mortgage With Bad Credit<\/h2>\n

If you are a bad credit first time home buyer, you are still able to qualify for a home loan if you qualify for an FHA loan. If your credit score is 580 or higher, you will need a 3.5 percent down payment. If your credit score is lower than 580, you will need a 10 percent down payment. Other programs also exist to help with mortgages, including VA loans for veterans. The\u00a0first time home buyer down payment<\/a>\u00a0for other loans may vary, depending on your qualifications.<\/p>\n

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

To make the process easier, take these steps before you start looking for a home:<\/p>\n