First Time Home Buyer Loan

Complete First Time Home Buyer Loan Information.

If you are a first time home buyer looking for a mortgage, there are many questions that you will likely have. Most states have housing agencies that provide classes for first time home buyers. Some states also provide individual counselors. In these classes and counseling sessions, you'll find answers to just about all of your questions, including questions about getting a first time home buyer loan.

Best Lender For a First Time Home Buyer Loan

Unfortunately, some lenders do not like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. When searching for a mortgage lender, it is important to find one that eagerly works with first time home buyers. We recommend ING DIRECT Orange Mortgage They have great rates, an easy online application, and welcome first time home buyers. Additionally they have not been as severely hurt by the subprime mortgage crisis and are still approving the majority of applications.

It is highly recommended the you get pre-qualified for a mortgage before you make an offer on any home. This will have two very powerful advantages: first, you will know how much you can afford to pay for your first home, and second, it will give you a very powerful edge in negotiating the best price for that home. The seller will know that you are a serious buyer and that your loan will close more quickly. Often a seller will reduce the price in exchange for a quick closing

It is common for the approval process to take a few days to a week, depending on the lender. This adds to the time that the seller has to wait for a closing. A pre-approval completely eliminates this delay, and eliminates the risk to the seller that you may not qualify at all. We cannot state any more strongly that a pre-approval is in your best interest. To get a free, no obligation pre-approval from one of the nation's best mortgage lenders, visit ING DIRECT Orange Mortgage. There is no cost, and no obligation whatsoever.

Be advised you should also visit the First Time Home Buyer Grants page for information on down payment assistance that can help you qualify for a first time home buyer loan.