Buying A House - My Experience
Buying a home is a big decision, yet if done wisely can be a hugely rewarding experience. For me, being a first time home buyer, it was an extremely complicated and confusing process. Purchasing a home involves much more than simply spotting the perfect house for sale on the corner, calling the number listed and moving in. Thankfully, I found the right people to help and guide me through this thrilling yet exhausting experience. These are the channels that I went through when I purchased my home. When I started this process I knew literally not one single thing about how one goes about buying their first home. I think it’s a valuable thing to hear about how it all goes down from someone who, for better or for worse, is just a normal person that was trying to figure out how to do this so-called “normal” thing. The first thing that I did was met with a Mortgage Specialist, who ultimately through this whole process was my worst enemy but then became my best friend. She had to pull my credit report and get my score. I had known that it wasn’t going to be high enough but she agreed to work with me in fixing my bad credit to put me in a place where I would qualify for a house loan. This took years….two years to be exact. I had a lot of unpaid debt that needed to get paid off before I could even consider buying a house. Every extra penny I had went into paying old credit card debt and my hard work paid off. I had increased my credit score by 150 points and was ready for the next step which was figuring out how much I could afford and get approved for. My Mortgage Specialist explained to me that since I was a first time home buyer and that I met the financial requirements that I would qualify for an FHA, (Federal Housing Association) Loan. This was great news! An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if
Cited: "FHA Loans." www.zillow.com. Yahoo!-Zillow Real Estate Network, 2013. Web. 10 Apr. 2013. .