First Time Homeowner's Loan

Hi! and congratulations! We started this process back at the beginning of march. We were preapproved for a loan through a mortgage company, but let me warn you, just because you're preapproved, does not mean that you are actually approved. We made that mistake. We were told, you're preapproved, go find a house, we found one that we completely fell in love with, came back, and found out, wait. Nope. Have to get approved first. Unfortunately, the house went under contract two days before we got our actual approval in hand. Anyway! Our loan is an FHA loan, and it is a good loan. We also received 4500 from the state in a downpayment assistance loan, that we don't have to repay as long as we live there for at least five years. Also, know that on an FHA loan they are more lenient with credit, but any outstanding debts you have on your credit will have to be paid off before closing. You will also be responsible for several different inspections, and the FHA appraisal which all has to be paid out of pocket. The FHA appraisal is about 400 dollars. Don't be scared off by this, I just don't want you to get blindsided by all this like we did. for any house that go under contract with, the realtor will require a Good faith amount of money. Even if the sellers don't ask for it, the realtor's will. And this is an amount of money that should you pull out of the contract, goes to the sellers for their time and the time their house was off the market. Luckily, we got away with only putting 100 down, which we'll receive back at closing. I will also say that buying our own home has been one of the most exciting, and most stressful experiences my wife and i have been through. And i'll tell anybody and everybody all over again, even if your credit isn't the best, and you have no money down, you should go somewhere like lendingtree.com. that's where we went, on a lark, b/c hey, the worst they can say is no, right? and instead we got a yes. so good luck!! and we are so excited for you!!

I didn't get it myself but I have a cousin and a friend who did it. My friend did hers about 5 years ago and didn't have to put any money down because they gave her the loan of 10k but if she moves out of her house before 10 years she will have to pay that loan back. My cousin who just did it last year had to go to classes they inspected the house and she also recieved 10k but she only has to wait 5 years if not she will have to pay it back. If you can do it I would. I wish I would of done it but then again back then it would of been 10 years and I don't know if we are staying in this house for 10 years we grew out of it with #2 baby on the way. I would call a real estate agent and ask because it may be different depending on which state you live in.