Comments on: What a First-Time Homebuyer Needs to Know http://blog.equifax.com/real-estate/what-a-first-time-homebuyer-needs-to-know/ Fri, 17 May 2013 00:53:39 +0000 hourly 1 http://wordpress.org/?v=3.5 By: EFX Finance Blog Editor, JF http://blog.equifax.com/real-estate/what-a-first-time-homebuyer-needs-to-know/#comment-4849 EFX Finance Blog Editor, JF Wed, 14 Mar 2012 20:20:20 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/real-estate/what-a-first-time-homebuyer-needs-to-know/#comment-4849 @Anonymous – So glad to hear it. Along with a strong savings plan, educating yourself on the ins and outs of the real estate market will help you be an informed buyer when you’re 28. Keep reading, and make sure to come back and let us know about your progress.

Good luck!

]]> By: Anonymous http://blog.equifax.com/real-estate/what-a-first-time-homebuyer-needs-to-know/#comment-4739 Anonymous Tue, 13 Mar 2012 23:19:13 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/real-estate/what-a-first-time-homebuyer-needs-to-know/#comment-4739 This post and commentes were very helpful. I am a 23 year old who is doing research to become a homeowner by the time I’m 28. Some things I did know, most I did not.

]]> By: Home Buying: The Low Down on No Down Payment Mortgages | Equifax Finance Blog http://blog.equifax.com/real-estate/what-a-first-time-homebuyer-needs-to-know/#comment-432 Home Buying: The Low Down on No Down Payment Mortgages | Equifax Finance Blog Fri, 07 Oct 2011 16:24:57 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/real-estate/what-a-first-time-homebuyer-needs-to-know/#comment-432 [...] you a few thousand or remember you in their wills so you can make the down payment on your first home buying [...]

]]> By: Phil Dumouchel http://blog.equifax.com/real-estate/what-a-first-time-homebuyer-needs-to-know/#comment-431 Phil Dumouchel Thu, 30 Jun 2011 18:40:08 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/real-estate/what-a-first-time-homebuyer-needs-to-know/#comment-431 While a 720 score and 20% downpayment are excellent goals, these are unrealistic for many (if not most) first time buyers. This advice may also make homeownership seem like a virtually impossible goal. As a former long-time manager of non-profit housing agencies, and current mortgage banker I think potential buyers should know that it is very possible to purchase a home with a credit score as low as 600-620 for a FHA (government) insured mortgage and with as little as 3.5% downpayment. There are maximum mortgage limits for this program which may limit the house price that is possible – and in some markets there may be few options. However in most parts of the country it the limits will allow purchase of an entry priced home.

Overall this is great advice but setting the bar too high keeps people out of the market when they don't need to be, prolonging current problems in the housing market. Potential buyers may also miss out on great opportunities to buy and incredibly low interest rates.

]]> By: themortgagegalleryrockingham.com.au http://blog.equifax.com/real-estate/what-a-first-time-homebuyer-needs-to-know/#comment-430 themortgagegalleryrockingham.com.au Thu, 30 Jun 2011 12:32:50 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/real-estate/what-a-first-time-homebuyer-needs-to-know/#comment-430 I completely agree with the above posting and want to give the posting party major kudos for emphasizing the need to consider the budget for increased expenses as a homeowner. I love to own a big house but with your advice I will have to think about paying larger energy bills and maintenance expenses.

mortgage broker Perth

]]>