If you are a first time home buyer you should start preparing your finances as soon as possible to get ready for a purchase. This includes knowing your credit score, saving as much as possible and preparing various financial documents. It’s really never too early to have a discussion with a LOCAL loan officer and find out what your buying power is. Additionally having your credit checked will let you know in advance if there are any issues there or if there is anything you can do to increase your credit scores and therefore get a better interest rate once you are ready to buy.
One of the other things to know about purchasing a home is that you do NOT need 20% down payment to buy. This is a very common misconception as there are multiple loan programs that allow for little or even no down payment when buying a home. USDA loans for instance require zero money down and offer excellent interest rates. In North Carolina we also have a state housing agency called NCHFA that provides down payment assistance (only available through select loan officers of which I am one).
In closing it’s really an excellent idea to talk to a lender as soon as possible. Getting your financial house in order prior to making an offer on a home will make the experience so much smoother for you and all parties involved. If you have any questions about purchasing a home for the first time or any other mortgage questions please call 910-250-8888.
As always, if you have questions about mortgage guidelines, terms or rates please call/text me at 910-250-8888. I proudly serve the Wilmington, Leland, Hampstead, Jacksonville, Southport areas and am licensed in all of North & South Carolina and Virginia!
apply online: www.JoeyMilam.com
call/text 910-250-8888
