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Tips for Obtaining a First Time Home Buyers Loan

Updated on June 6, 2011

One of the signature elements of the “Great American Dream” has always been a desire on the part of citizens to by their own home. Learning a few tips for obtaining a first time homebuyers loan can be important for those searching out there for a way to get that home mortgage loan when they have the desire and ability to own a home but maybe not a huge down payment, to use one example.

Basically, a first time home buyers loan usually always comes with first time home buyer assistance counseling and advice, not only by the lender but also by the government, in the form of pamphlets and “how to” instruction. There are a set of federal laws that speak to the regulation and administration of several different first time homebuyers federal grants and programs that currently exist, as a matter of fact.

Home loans for first time buyers, even in the current tight and credit market environment are possible, make no mistake about that. But, the work needed to qualify for a first time home buyers loan has increased greatly. What this means is that lining up a good credit history, references, stated or documented income and a host of other paperwork is just going to be a fact of life.

Nobody, though, who's looking for a first time home buyers loan program should become discouraged, because the government has a deep interest in encouraging home ownership in this country. There are federal grant programs as well as lender programs to help those looking for first time home buyers assistance programs find them.

The first thing to do is make use of the Internet and a search engine. Enter in any phrase related to first time home buyers loan programs and websites and there'll be literally hundreds of sites offering assistance. Be careful, though, to investigate thoroughly any site promising “no strings attached” grants and aid, because there are no real programs related to first time home buyers loan assistance that come with “no strings attached.”

Many lenders also have special programs set up for prospective home buyers out there on the market searching for their first home. These buyers usually have good credit and good jobs, but might not be able to swing a 20% down payment to keep LTV (“loan-to-value”) within traditional guidelines. Always check with any lender to see if it offers first time home buyers loan programs, in other words.



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