First Time Home Buyer Tips

by Mr. V

Regarding first time home buyer tips: My wife and I live in San Jose, California. My wife had bought a home before our marriage and now price of the home is down by more than 60 percent. So we have decided to do shortsale / foreclose the property.

I'm not on the deed. Both of us have jobs and we want to buy a home under my name only, as my wife's credit is going to get whacked, and make a fresh start. I never owned anything before.

Do I qualify as first time home buyer? Are there lenders who are willing to work with me? Please advise on how I can approach the process of buying a new home all by myself without involving my wife's name or credit.

Kate Answers: First Time Home Buyer Tips

Dear Mr. V, The best tip of many first time home buyer tips is take advantage of mortgage pre approval because there are many variables due to your wife's credit history.

Here are some questions you will be asked...

1-- Are you buying a single family residence?

2-- Will the home you purchase reside in a community property state?

3-- Will you be depending on a first time home buyer credit?

Ask if FHA home loans are a good solution for you.

Depending on the mortgage company you choose, you may have several options. Go here for ways to compare mortgage rates and lending professionals.

Above all, take advantage of mortgage pre approval to iron out the wrinkles before buying a house.

Mr. V. bookmark First Time Home Buyer Tips to your favorites and visit my website often for more help. You can also invite friends to comment on this page or ask another question of their own like you did.

Best Wishes,

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