Home Buyer's Guide: How To Choose The Right FHA Loan

Here's the basic checklist for first time home buyers in concise:
* Determine your price range. To determine what price range you should expect to pay for your home, go to the mortgage company and talk to them about your finances. Then, get pre-qualified. Search for an appropriate home for the first-time buyer.

* Find a home buyer with a good credit history. This can be done by getting a mortgage broker. The broker will do a background check and find out if your debt-to-income ratio meets or exceeds the requirements to get pre-approval for the mortgage loan. Once you're approved, you'll have cash on hand for the down payment plus closing costs and a small emergency fund set aside in case you need it.

* Get your credit scores. Real estate agents usually ask if the home buyers have good credit scores and don't charge extra for that information. Usually, they require a minimum credit score of around 720. When it comes to selling my home quickly for cash, most people love this method as lots of time is saved.  

* Research and compare interest rates. Getting a home loan can be more expensive with higher interest rates. To make the best use of your money, research and compare mortgage options available in the market. Look for loan programs designed to help home buyers with lower interest rates.

* Research and compare the different types of home loans. Buyers who are looking for low interest rates should opt for Fannie mae and other government guaranteed home loans. Homebuyers can also consider low interest rate subprime mortgages from banks and other lenders. All home buyers, however, should familiarize themselves with their credit scores and the different types of home loans available to them, so they know which type of home loans to choose.

* Compare closing costs. Before settling on a particular mortgage provider, home buyers need to know the difference between conventional and fixed-rate loans. For home buyers with good credit, there is no reason why they shouldn't get a low-interest, fixed-rate FHA loan to save on closing costs. On the other hand, buyers with bad credit can still get low-interest, variable-rate loans with a three percent down payment. Always find the best realtor to sell my home quickly which saves a lot of time. 

*Lower your income. A common myth among homebuyers is that home loans come with higher interest rates because buyers with high credit scores are deemed better risk by lending companies. However, the opposite is actually true. Those with lower credit scores have lower chances of getting a loan. Home buyers can get better mortgage deals by lowering their income.

* Get a price range. After knowing your budget and what you can spend, do not hesitate to ask for an estimate. Most home buyers would rather get a home estimate from a real estate agent (who will also charge for the price per square foot) rather than go to a builder personally. Asking for an estimate allows home buyers to get a general idea of the price range before walking into a real estate agent's office. They can then make informed choices on the features and layout of a property without worrying about what the seller thinks of their offers. Getting price quotes from several real estate agents, contractors, and builders is the best way to pick the right deal for your first-time home buyers. To get more enlightened on this topic, see this page: https://en.wikipedia.org/wiki/Estate_agent.