What are the first steps in buying a home? 1) Find out how much you qualify for and get pre-approved by a lender. The pre-approval letter is typically valid for 90 days. 2) Select a buyers representative as your real estate agent. This way you have a knowledgeable professional representing your side of the transaction. Their compensation is almost always paid by the seller. So, you are essentially getting nearly free representation in this important decision. There are many programs that will allow you to buy with less than 20% down. Conventional mortgages can be obtained for 5% down (and sometimes less), FHA requires 3.5% down, and DVA offers as little as 0% down for veterans. In addition, the USDA has Rural Development available for housing. To get a good idea of which type of loan is best for you, programs you qualify for and for setting a housing budget, attend a first-time homebuyer class. In the Detroit Lakes area, they are free and are conducted by MMCDC (218-847-3191).
Posted on: Tue, 11 Mar 2014 14:05:19 +0000
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