Buying a home is a very exciting time for most families. Finally, you are able to invest your housing expense money into something that will provide value instead of wasting it on rent, and receiving nothing in return. Buying a home has become much easier in this present day than it used to be in the past. It is also easier to qualify for a home without having to put any money down as a down payment, also known as 100% financing. There are many different programs out there to choose from- no matter if you plan to put zero percent, 5%, or 20% down on the home there are tons of programs available. There are also many ways to avoid having to bring money to the closing table for closing costs also when buying a home. Please consult your mortgage broker to find out how much you qualify for and which loan program is right for you.

When buying a home, it is important to first speak with a mortgage loan officer to get pre-qualified. The loan officer will look at your credit, income, current debt, and other factors to determine how much home you can afford. Often the seller will require you to be pre-qualified to buy their home before they will sign a sales agreement. They want to know that you aren't wasting their time trying to buy their home if you aren't even qualified.

When buying a home, there are many different loan programs available - VA, FHA, 30 year fixed, 15 year fixed, 3/1 ARM,5/1ARM, Option ARM, Interest Only, just to name a few. One factor determining your rate will be the loan program you choose.

You should obtain a free copy of your credit report from each of the 3 main credit bureaus (Equifax, Trans Union, and Experian) a few months before you apply for a mortgage loan. By doing this you will have enough time to fix any errors that show on your report and increase your credit score which will help you obtain a lower interest rate.

In the event that you have major credit issues that are valid, you should speak with your mortgage professional to determine if there is a loan program available for your needs. You can also determine if there are services available to help relieve some of the reported derogatory credit.