Two of the things many first time home buyers in Las Vegas ask about is down payment assistance programs and qualifying for mortgages. Some help with your initial down payment and a good, affordable home loan can make the home buying process much more affordable and realistic for many families. Here are 3 of the most important things to know...
1. Check your credit (and fix it if necessary)
As a potential Las Vegas or Henderson, NV homebuyer your credit is very, very important. It's one of the first things that's considered when trying to qualify for any loan assistance program or mortgage. You should do a free online credit check to find out where you currently stand. Look at the report carefully and pay special attention to mistakes, large unpaid bills, and 'collection' activities. Also, try to calculate how much of your available credit you're currently using. In general, the less the better when it comes to qualifying for loan programs.
If your credit score is low you'll need to make the effort to raise it. It can take 6 months to a year to repair bad credit, so get started immediately!
2. List out your assets and liabilities
Before trying to qualify for a mortgage or down payment assistance program, it's a good idea to check your current assets, liabilities, and monthly cash flow. How you spend your money and how much you have left over at the end of the month are very important. Mortgage lenders want to take a close look at your combined household income and ongoing expenses. You can get ahead of them by tracking your own income and spending for a few months before applying. Obviously the more money you make, and the less you spend, the more likely you'll be approved for any mortgage or down payment assistance.
3. Figure out how much of a down payment you can afford
The days of getting a home loan with little to no down payment are over. Depending on the price of the house you want, it can take a lot of work and planning to save up enough money for the initial payment. Luckily, if you can qualify for one, a down payment assistance program (like Nevada's 'Home Is Possible' program) can be a huge help in may cases!
Many of the best assistance programs are grants, which are basically interest-free (and often payment-free) loans. These can offer up to around $10,000 worth of down payment cash. Other programs for higher-end real estate can offer up to $50,000 in interest-free loan assistance.
Both the state of Nevada and the US federal government want to help people buy their own homes. So it's a great idea to check your credit, take a look at assets and liabilities, and do your research on the best down payment assistance programs offered in the Las Vegas Valley.
We can help. Just watch the video below and then contact us today...
https://www.youtube.com/watch?v=FTR89YjrwZQ
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