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Advice on Buying A Home With an FHA Mortgage

November 13th, 2014 by [shareaholic app="share_buttons" id="27157108"]
If you’re thinking about buying a home, now is a very good time to explore your options. Buying a home with an FHA mortgage offers many home buyers an opportunity to get into a home when they don’t have another option.

Mortgage loan rates are still very good, and the housing market recovery makes purchasing a home more attractive than ever.

Advice that I would share with anyone, whether a client or a close family member when buying a home, whether with a conventional loan or an FHA loan is what anyone needs.

The first thing to ask is whether you are ready to commit to buying a home now, or if you need to take some additional preparation time. How do you know if you’re ready to commit? According to the FHA,

A few questions you can ask your-self are:
– Do I have a steady source of income (usually a job)?
– Have I been employed on a regular basis for the last 2-3 years?
– Is my current income a reliable source of income?
– Do I have a good record of paying my bills?
– Do I have few outstanding long-term debts, like car payments?
– Do I have money saved for a down payment?
– Do I have the ability to pay a mortgage every month, plus additional costs?

If you can answer “yes” to these questions, you are probably ready to buy your own home.”

That’s excellent advice. Saving and budgeting are key elements to prepare and commit yourself to purchase a new home. Once you are ready, what does the FHA say to borrowers ready to explore the home buying process?

“Start thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment? How much space do you need? What areas of town do you like? After you answer these questions, make a ‘To Do’ list and start doing casual research. Talk to friends and family, drive through neighborhoods, and look in the ‘Homes’ section of the newspaper.”

Some like to search for the home themselves, others want the help of a real estate agent. You can find a reliable agent through referrals from friends or family, but you can also screen your own agent simply by talking with several of them and choosing the one you feel is the most trustworthy.
Once you’re ready to purchase a home, you can prequalify for an FHA home loan and get ready to take the step into home ownership.

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