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Buying your first home: mistakes to avoid after submitting your loan application

Buying your first home: mistakes to avoid after submitting your loan application
Congratulations! You’re ready to buy your first home. It is an exciting time, but also one of great learning. Many buyers discover that they may not be familiar with the home buying process. If you have just submitted your loan application, here are some tips to keep the process running smoothly:

Don’t apply for another loan, such as a car loan. You don’t want to have any changes to your credit status while your application is being processed. You should refrain from co-signing a loan for someone else or start a new loan process for yourself. These would both affect your credit score and possibly decrease the amount of money you are able to qualify for on your mortgage.

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FHA “Back to Work” program extended to 2016

If you have recently suffered a foreclosure or short sale, you may wonder if the FHA “Back to Work” program will still be in place when you are ready to buy a new home. The FHA “Back to Work” program was created by the Federal Housing Administration to help people who faced extenuating financial circumstances become homeowners again. If a borrower can show they experienced a 20% loss of income for 6 months or longer and this caused them to short sale or foreclose they are eligible for the FHA “Back to Work” program. Two major advantages of this program are the ability to own a home again after 12 months and lower down payment requirements.

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Anonymous comments by employees indicate quality of 1st Alliance Lending

How should a homebuyer choose a lender? This is an important decision, as the lender will be overseeing your 15-30 year mortgage. You are entering into a long-term relationship with the lender. It can be hard to evaluate which lenders are in business to help people and which are just looking to make money. If a previous lender has burned you you are even more likely to wonder how to determine your new lender will treat you fairly. At 1st Alliance Lending, we operate with integrity, but it can be difficult to prove that to a skeptical homebuyer. We’re proud to say that an independent study identified our company as a quality organization.

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Why should I trust 1st Alliance Lending?

If you had a foreclosure or short sale you may be feeling hesitant to trust another lender. During the recession some lenders set homebuyers up for failure so they could profit off of fees when mortgage payments were missed. Other lenders did not offer mortgage modifications to those who needed them, in order to maintain their mortgage. People not only faced financial hardship due to job loss or reduction in wages, but greedy lenders took advantage.

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Common questions of first time homebuyers

If you are a first time homebuyer you likely have numerous questions. The answers below to common questions of a first time homebuyer should help.

How much money do I need to have to buy a home?

When purchasing a home you will be responsible for paying a down payment and closing costs. The closing costs are the amount of money required to process the paperwork to create the mortgage. Once you submit your loan application, the law requires the lender provide you a Good Faith Estimate (GFE) within 3 days. The GFE will give you a close approximation of what the closing costs will be.

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