Every young family’s dream of having a home is now easier to achieve. Regardless of your credit score or credit history, you can apply for a loan and own a house, condo unit, apartment, or townhome. Federal Housing Authority or FHA loans are available in Gilbert and other cities and states. These are ideal for first-time homebuyers who have yet to establish a strong credit history because of the low down payment required. With minimal cash out, you can already have a home to call your own.
Looking for a house can be a challenging task, but don’t be overwhelmed. Here are some tips to help you along.
Always Have Several Options
It helps to look at several homes and consider the features you like in each unit that’s up for sale. As soon as the home hunt begins, homeowners become excited and find a lot of things they like in houses they’ve seen or visited. After having seen all these homes, it’s important to narrow the list down to your top three choices. These shortlisted homes should have the features, location, size and price point you like best.
Be Clear on Your Non-Negotiables
Consider the list of essentials that you’ll need when your family starts living in the new house. This list may include location, safe neighborhood, accessibility to public transportation, and nearby schools, hospitals and lifestyle centers. New homeowners are also advised to check the possibility and history of natural calamities in the area such as flooding and landslides. This is very important to know and can help avoid future problems.
When choosing a home, consider the amenities that your family will always use and need. There should be negotiable amenities and non-negotiable ones. Maybe you can miss out the veranda, but you’d love to have a great outdoor patio for sit outs and for the children to play at. Think of the number of rooms, occupants in each room, the need for study area or home office or entertainment room.
Some families prefer small but organized homes while there are also those who would love spacious and open areas. Have a visual image of that dream home of yours to find the best among your choices.
Choose Your Mortgage Terms
This must be the most stressful part of purchasing a home, especially for first-time buyers. Many mortgage programs are being offered by different financial institutions. They can range from 10 to 30 years of payment terms. Some institutions may also ask for a down payment and insurance coverage. You must pay mortgages monthly and in full to avoid penalties and surcharges.
The good thing about loans with a long tenure is that the monthly amortizations are lower and more flexible. This helps young couples who are just starting out make sure that they have money left for other personal and household expenses.
Aspiring homebuyers may look at FHA loan programs and see how they can take advantage of government assistance in buying their dream home. Just make sure that the home loan is well-matched to your family’s financial goals to avoid any problems and penalties in the future.
