Houston First Time Home Buyer Lenders Offer Mortgage Options For New Buyers In Texas
Houston first time home buyer lenders do a lot more than just offer new buyers mortgage options. They know how to make the process easier, and will happily guide people through it step by step. They will help enroll homebuyers into aid programs that reduce costs such as down payments, closing costs and the monthly payments afterwards.
For the record, first-timers in this reference are people haven’t owned homes in the past three years. Many such people interested in becoming homeowners wait until they find a property they like before approaching lenders. This may be acceptable for investors and others who already own other properties, but it’s not the ideal method for those who don’t know much about the process.
It would be a lot more beneficial to be prequalified. Also check for eligibility for one or more government aid programs, and sign up where possible. The choice of lender has to be made with special consideration for those offering low-interest mortgages for new homebuyers.
A major part of the upfront costs may be eliminated by signing up for one or more aid programs. One such scheme makes buyers take a certificate course on homeownership. Getting this certification reduces the down payment and closing costs to about 3% of the total sale price.
This is a far cry from the 30-40 percent that is usually required nowadays. Such high entry barriers make it virtually impossible for an ordinary person unless they have been saving up a decade or more. The whole point of all the assistance schemes is to encourage more people to buy homes by making it a lot easier to do so.
Another scheme called MCC (mortgage credit certificate) makes federal tax credits available. Monthly mortgage payments are easier to meet since money is freed up through tax credits. It opens up the proposal to prospective homebuyers who would otherwise find it unfeasible. Get in touch with Houston first time home buyer lenders to find out more about these and other ways in which property purchase transactions can be completed quickly and at a lower cost.
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