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What if I am a first time buyer?
As a First Time Buyer, you are about to take make one of the most important purchases of your life. While purchasing a new home does not have to be a complicated process, it can prove to be quite overwhelming to a first time buyer. There is definitely a right and wrong way to purchase real estate. At Barbour Realty, we believe that being an informed consumer makes you a smart buyer. We welcome first time buyers and encourage questions.
Is financing difficult to obtain?
Unfortunately, for the majority of Americans, mortgage financing is an obvious necessity. There is good news though! In today’s financial market, there are numerous options available ranging from the traditional to the creative. With all these options, the guidance of Barbour Realty’s experience and a knowledgeable Mortgage Broker, finding the best match for your financial needs is normally not a difficult process at all.
What if I have less than perfect credit?
Applying for any type of loan can be an intimidating experience, particularly if you have credit problems or a troubled credit history. Mortgage Companies and Financial Institutions understand that sometimes, good people find themselves in bad situations. Your credit doesn’t have to be perfect to purchase a home. Mortgage Brokers consider a number of factors besides your credit score when determining whether to approve your loan application.
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What if my partner and I are not married?
While you don’t have to be married to own a home together, you do need to realize that buying a home together is a legally binding agreement. Breaking up co-ownership of a house is often just as difficult and expensive as a divorce. Many issues that are taken for granted in regard to married couples need to be cleared up for unmarried couples, roommates and investment partners. Think of it as a business deal and consult a Real Estate Attorney for advice regarding your specific situation. Every business partnership needs a business plan.
I am a Veteran. I used my VA benefit to purchase my first home. Can I use my VA benefit a second time?
Veterans who have an existing VA loan on a home, intend on purchasing a second piece of property and do not intend to sell the first, may still have “remaining entitlement” to use for another VA loan. Even if the original loan is not paid off, the veteran may be able to use the difference between the original loan value and/or the entitlement originally allotted and the current year entitlement value to buy another home with VA financing.
Veterans may be able to have previously-used entitlement amounts totally “restored” to purchase another home with a VA loan if, the property purchased with the prior VA loan has been sold and the loan paid in full. Please contact your local Department of Veterans Affairs office for additional information.
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