INFORMATION FOR FIRST TIME HOME BUYERS

Austin Texas FHA Loans at Urban Austin Mortgage specializes in working with first time home buyers. Our outstanding customer service, coupled with our 24/7 loan tracking software makes the process of getting your first home loan as easy as possible.

We have helped thousands of first time home buyers get into the home of their dreams, often after having been turned down by other lenders. If there's a blemish on your credit, we can connect you to credit repair specialists who can assist you in making sure your credit score is as high as possible. If you have any questions about FHA loans and why they might be the best solution for you, please give us a call at 512-577-8898.

We've put together some questions that might be helpful for first time home buyers. Don't see your question answered here? We would be happy to talk with you about your particular situation.

Q: Why should I buy instead of rent?
A: A home is an investment and usually over time, will increase in value. Rent cannot be deducted from your taxes, but the mortgage interest that you pay each month can be. In addition, the property taxes can be deducted from your income taxes. And finally, there is the intrinsic value of having something that is all your own, where your personal style can be realized.

Q: Can I buy a home if I don't have a large down payment?
A: With an FHA-insured mortgage, the minimum down payment is only 3.5% of the purchase price and the down payment can be a gift from a relative.

Q: Can I buy a home if I've had bad credit?
A: If your credit is less than perfect, an FHA mortgage might be the loan for you. You may qualify for an FHA loan even though you have had financial problems. FICO scores can be lower than those for a conventional loan. There are no minimum credit scores required for an FHA loan.

Q: Should I get pre-approved for an FHA loan before I look for home?
A: We always recommend that you begin the home buying process by finding out whether you can qualify for a loan and how much you can afford to pay. Having a pre-approval letter that your real estate agent can submit with a contract, gives your contract a high degree of consideration.

Q: Should I use a real estate agent? How do I find one?
A: We recommend using a buyer's agent, which is an agent who only represents your interest. A good real estate agent can guide you through the entire buying process and make the experience much easier. A professional real estate agent will be very knowledgeable about all the things you'll want to know about a neighborhood you may be considering. With immediate access to homes as soon as they're put on the market, the broker can save you hours of wasted driving-around time. Will Steakley of urbanSpace Realtors is our recommended real estate professional. You can contact him at 512.799.3777 and let him know that you found him at Austin Texas FHA Loans at Urban Austin Mortgage!

Q: What will happen at closing?
A: Before you go to closing, you will be provided with a "Good Faith Estimate" by Austin Texas FHA Loans at Urban Austin Mortgage. This "Good Faith Estimate" provides an estimate of what all the costs will be to close the loan. Some of the items included in the settlement costs include loan origination fee, appraisal fee, fees for credit reports, hazard insurance, inspection fees, etc. Most closings occur in the office of a title company. At closing all of the loan documents are signed and you will receive the keys to your new home.