Top 10 Things to Consider When Buying a Home

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10 Important Things to
Consider When Buying a Home
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Introduction

• There have been a lot of changes in the loan and
  real estate industry over the last two years. A
  first-time home buyer should be aware of all
  these changes. We present to you an updated guide
  that will help you when buying a home.

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Below are 10 things a first-time home buyer
should know

• 1. Its easy to qualify for a loan
• Today, most lenders are accepting lower down
  payments and qualifying borrowers with a higher
  debt-income ratio.
• 2. Debt limits have gone up
• Last year, Fannie Mae stated that it would begin
  backing loans with borrowers. This will make
  loans easier to get, especially for borrowers
  with higher debt levels.

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Below are 10 things a first-time home buyer
should know (contd.)

• 3. Home prices are rising gradually
• Last year, local real estate markets experienced
  a rise in home prices and those prices may
  continue to slowly rise.
• 4. Loan rates are expected to soar
• Last year, thirty-year loan rates were projected
  to rise in the second half of this year.
• House prices are also expected to go up.

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Below are 10 things a first-time home buyer
should know (contd.)

• 5. You dont need a down payment to buy a home.
• Today there are mortgage loan programs that
  require less of a down payment.
• The FHA loan program requires a lower investment.
• VA loans provide financing to qualified borrowers
  like military members and veterans.
• 6. Inventory is limited in many local housing
  markets.
• Low housing inventory was a trending story over
  the course of the past two years.
• This year we will see housing shortages in many
  cities nationwide.

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Below are 10 things a first-time home buyer
should know (contd.)

• 7. FHA loans are more expensive.
• Last year, a reduction was seen in FHA mortgage
  insurance. However, HUD canceled this reduction.
• First-time buyers who use the FHA loan program
  will continue to pay higher mortgage insurance
  levels.
• 8. Many home loans require good credit.
• A report from Ellie Mae states that most closed
  home loans were issued to borrowers with credit
  scores of six-hundred or higher.
• A tiny number of purchase loans were offered to
  borrowers with credit scores in the five-hundred
  range.

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Below are 10 things a first-time home buyer
should know (contd.)

• 9. It's important to have a real estate agent.
• Today, many local markets are facing inventory
  shortages, making it more difficult for
  first-time home buyers.
• It's important to seek professional guidance from
  an expert real estate agent.
• 10. We have a lot of knowledge to share with you!
• Over the past few years, we have been educating
  first time home buyers.
• Find out if you're eligible for the first time
  home buyers program in MA (Massachusetts).
• We offer loan advice to first time home buyers
  and will help you make an informed decision.

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• Read more about 10 Important Things to Consider
  When Buying a Home.
• Click Here.

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DREW MORTGAGE BRANCH OFFICES
Drew Mortgage Associates 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone
508-753-1656 Website https//www.drewmortgage.com
/
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 Phone [phone]
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone [phone]
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