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Securing a First Time Home Buyer Loan in West Virginia
If you’re a first time home buyer in West Virginia, the following information on home purchase loans will help you make the complex and sometimes stressful decisions you need to make in order to get your home financed.
West Virginia First Time Home Buyer Information
A mortgage is a major financial decision that will affect your life for years to come. Make sure you’ve considered all the angles before you move forward. Our first time home buyer checklist will walk you through the steps you’ll need to take to get a home loan, and the following tips will help prepare you for the process.
Don’t take out a loan that you can’t afford. Analyze your financial goals and abilities closely before you decide to take on a mortgage. Many homebuyers have lost their homes or faced bankruptcy as a result of taking on mortgages that they couldn’t afford. Don’t let this happen to you.
You need a good credit score if you want to qualify for low rates. It’s worth it to build up your credit before taking out a mortgage loan.
Pick the mortgage type that best fits with your homeownership plans and goals. Do you plan to live in the home long term? If so, a 30 year mortgage may be a wiser choice than a 15 year mortgage. Evaluate all mortgage terms based on how they fit within your financial plans.
Contact as many lenders as you can before you choose one. Each lender will offer you a slightly different set of mortgage terms and a slightly different rate. You should compare your offers before you pick one.
Don’t rush into anything without approval. Work with your lender to get preapproved before you even need the loan. This will make the closing process much faster.
These tips will help you navigate the murky waters of the mortgage industry with better success. You can use the mortgage calculator below to estimate your monthly payment amount on your new loan.
1st Time Home Buyer Loan Programs
If you’re a first time home buyer, you may qualify for the West Virginia FHA loan program. This program helps buyers who don’t have much cash or high credit, two conditions that often apply to first time home buyers, purchase homes at reasonable rates and with highly beneficial terms.
West Virginia embodies cultural influences from the South, the Midwest, and the Mid Atlantic. The state boasts amazing natural beauty, and many people come to West Virginia just for the sights and the outdoor recreation prospects.
If you are interested in history and want to live in a state with wonderful scenic views, consider becoming a homeowner in West Virginia. The median home price is $72,800, and the state features one of the highest homeownership rates in the nation at 75.2%. This makes West Virginia one of the best states for first time home buyers.