First Time Home Buyer
in Washington

A first time home buyer in Washington with a desire to buy into the American Dream will soon find there are a number of options at one's disposal. Programs for first time buyers abound as do fantastic housing choices.

Navigating the first time buying scene can be a little tricky, however. To get the best rates and programs Washington state can offer first time buyers, it's wise to do a little homework before diving in. There are many things to look at and consider before shopping for loans.

Credit History Counts

A first time buyer might not have an extensive history as far as credit goes, but at least having one can help. To find out what yours says, you can request reports from the major credit bureaus.

When the reports are available, look for:

• False or inaccurate information: If present, file formal dispute papers.
• Credit blemishes: If a water bill from a decade ago is still showing up as unpaid, pay it!
• Overall score: The ideal is 900, with anything in the low 600s and below presenting problems for some. First time buyers might have lower scores due to a lack of history.

Debts Add Up

The debt-to-income ratio is a figure lenders will look at closely. This ratio is derived from the amount of monthly debt versus monthly income. If the number is too high, loans might not go through. Figure out yours to see if there are things you can do to improve the score, if necessary.

Down Payment can be Vital

Many first time buyers' programs hinge on having a down payment. The bigger this down amount is, the better. Lenders will range between 5 and about 20 percent in their requirements, but the fact is the more money down, the more money can be saved in the long run.

Programs Seal the Deal

Check into government-sponsored or lender-sponsored first time buying programs. These can offer great savings and a fast way for new buyers to get into the homes of their dreams.

First time home buyers in Washington will find there are a lot of options out there. To get the best rates and offers, maximize down payment and credit ratings, and seek out special programs that help first time buyers get financed.

Let us match you with the perfect Washington lender for your specific needs. For a free, no obligation mortgage consultation with a mortgage consultant who specializes in your needs . . . CLICK HERE