Toby Grubert

Do you know what to look for in a lender? If you're a first-time homebuyer, you’ll want to check out this blog. https://bddy.me/3CIRHm8

Here are six myths and tips every first-time homebuyer needs to hear when looking at FHA financing:
🤔 I should use the maximum loan amount I've been qualified for
💡 Factor in your financial situation and lifestyle, as well as other home purchase expenses

🤔 I know what I can afford, so I don't need to get pre-qualified
💡 Getting pre-qualified from a lender is the smartest thing you can do before writing an offer

🤔 If you have a lot of debt, you should pay it off to be approved
💡 Paying off all of your debt may cause more harm than good

🤔 Rates are dropping, so I will get a better rate if I wait
💡 Mortgage loan interest rates fluctuate daily, just like the stock market, making this strategy risky

🤔 A home inspection is mandatory
💡 FHA does not require a home inspection, but does require an appraisal

🤔 Newly-built homes are maintenance-free
💡 All homes have ongoing maintenance requirements either immediately or over time

The Federal Housing Administration explains each tip in their webinar on buying your first home: https://bddy.me/3Aq3qn1

Dispelling Homebuying Myths - Tips for Buying Your First Home - June 22, 2022