First Time Home Buyer Advice

You May Qualify For $8000!

EXTENDED Into 2010

If you are a first time home buyer, this will be very helpful information. You can get more information on this at Recovery.Gov. If you've made the decision to buy a new manufactured home Great! You have looked at all of the great homes available that we have listed in our Manufacturer's Page and found the home of your dreams!

STOP!!!

I Know Your Excited But, Being a First Time Home Buyer There are Some Things You Need to Know! 

Check Out Your Finances

Your credit reports are an ongoing look at how you manage your finances. You must know what your credit reports say about your financial history before you go home shopping or apply for a loan. The reports play an important role in the approval process and in the interest rate that a lender will offer you.

If you haven't looked at your credit reports recently, you might be surprised at what you will find. Look for errors on your report They are a common occurrence. If you find errors, get them cleaned up before you apply for a loan. If you have some blemishes, or even a lot of negative stuff on your credit report. Check these folks out - They Can Help You...

Get Familiar with the Lending Industry

Finding the right loan is a very important part of home buying success. It's up to you to determine which lender will best fit your needs, and it's always a good idea to have a bit of background about the loan process before you even talk to a lender. There are first time home buyer programs available - be sure and ask the lender what programs are currently available. This site offers information on First Time Home Buyer Grants. Make sure you are dealing with a lender that has experience with manufactured home loans.

Get Pre-Approved for Your Loan

Do you know how much home you can afford? The lenders will tell you what you can afford. They use a debt to income ratio. When you are pre-approved you will have more buying power. You will know what you can afford and you will be able to negotiate with the dealer to get to that amount. As a first time home buyer, before you go to a lender though - use This Loan Estimator to tell you how much money you will need and how much home you can afford. You should be armed with this information before you go loan shopping.

Don't Make Another Major Purchase of Any Kind

You've just found out your credit score is 720. That's great! Just because you have a great credit score doesnt mean you can buy anything you want! At least not now! If you change your debt to income ratio it can affect you. Wait until you close on your home to buy that new car It will pay off! An increase in your debt to income ratio reduces the amount of monthly income available for your home loan payment. Dont pay cash either! Cash on hand at the time of your home loan application is part of the consideration. If you must make a major purchase before closing, talk to your loan officer before you do it.

Don't Change Jobs Unless It's Absolutely Necessary

Lenders like to see consistent job history. They dont usually get nervous if you change jobs within the same field, for more money, but your better off not to make a change until the keys to your new home are in your hand.

Determine Your Wants and Needs

Just because your a first time home buyer don't worry! Buying a home isn't as difficult as you might think. Decide on the size home that you need download our Shopping Guide and go shopping.

Start Shopping for Your Home

Take your Shopping Guide in hand make several copies - circle the features that you are sure that you want write the dealer name on the sheet write the model and price of the home on the sheet check your circled features off as you find them at the end of your shopping trip, sit down with sheets in hand and determine the Best Values. Rank them on a scale of one to ten. After a short period of time it will all make sense, it will all come together you will know a great value when you find it!.

Before You Make Your Offer - Check Out The Dealer

We were shopping homes and visited what we considered to be very nice people and a top notch dealership - boy were we fooled - I checked them out at the Better Business Bureau, only to find that they had over 30 complaints and only 12 Resolved! Needless to say, we scratched them off of our list - we didn't want to become another statistic! When you've found a home that you like - check out the dealer at The Better Business Bureau - Don't become a statistic!

Make Your Offer

There's no one set of rules that can cover all the variables that you will run into, They can vary from dealer to dealer Is it the end of the month and the salesman needs one more sale? Is the salesman about to lose their job if they dont make a sale? Just how flexible are they? Or for that matter, are they flexible at all? When you have done all that we have listed above, go for the best deal you can get. The more expensive the home The more play you have. You should be able to buy your new home anywhere from 10% to 20% off the listed price. Shop until you find it Its there! Don't tell the dealer that you are a first time home buyer, at least not until the negotiations are over.

Closing Thoughts

Whether your a first time home buyer or you are buying your fifth home. The steps outlined above are general, but important. Keep in touch with your lender and your dealer. Do not hesitate to ask questions. Ask as many questions as necessary to help you understand the entire home buying process. You are making a long term commitment and spending a lot of money - you'll feel much better about the transaction if you stay informed and understand what's happening every step along the way.