First Time Home Buyer Misconceptions

First Time Home Buyer - a person who has not purchased a home in three-five years. But, there are exceptions.

Misconceptions:

First Time Home Buyer thinks once they say "I'M A FIRST TIME HOME BUYER" to a lender this will get them all types of freebees like down payment assistance, lower cost, lower fees. WRONG. To them it means you have not purchased a home before. That's it.

First Time Home Buyer thinks they can take advice from someone who purchased a home 2+ years ago. WRONG. Laws and Lender rules have changed. 

Down Payment Assistance Programs are totally separate. Not all lenders can offer Down Payment Assistance. In fact there are only a few that are allowed to dish out Federal, State money via Down Payment Assistance Programs.

Do I need money down at any time? Yes.
Our contracts are

• Earnest Money contracts (1% +/-), that's negotiable.
• TERMINATION Option Fee Money ($100 +/-).
• Appraisal Fee Money (ask your lender for fee amount).
• Inspection Fee Money (varies depending on who you choose)
• and Down Paymet like 3%, 3.5%, 5%, etc.

But, I'm a Veteran and I get to buy with no money down? Wrong you will still have most of the fees above except the Down Payment. There are more fees other than Down Payment. Don't be fooled. Contact me.

It seems complex but don't worry. I can get you through all of this and if there is free money for you out there I'll do everything to get it for you provided you chose the right lender. With that said, contact me before you contact a lender. I hate to move people from one lender to another.

FHA allows you to buy fixer uppers? Maybe. It must be livable.

VA allows you to buy fixer uppers? Possbily. It must be livable and move in ready. You can always modify things later.

Can I buy foreclosures with a FHA or VA loan? Yes provided they are livable and you can move in.

Can I buy a $300,000 home for $20,000 like I have seen on TV? Yes in TV land, but in reality not likely.

When buying a home I can get it really cheap from the seller? Maybe but more than likely NO. The seller may still owe a mortgage on the property and they will not sell it to you below that balance amount. Plus the seller will have other fees to pay also. All homes will sell for market value based on it's individual condition.

Stop watching TV (it's entertainment) and give me a call.