FIRST TIME HOME BUYERS

Congratulations!  You have decided to shop for, and possibly purchase, your first home.  Here's what you can expect from your first time home shopping experience.
Figuring Out the Benefits
You should buy a home. That's what you've been hearing from friends and family, right?  So, by now you have already decided that home ownership was the best decision for you.  Are you renting?  Try our Rent vs. Buy Calculator to determine the benefits of Home Ownership: Tax benefit, Equity Appreciation vs. Difference in your Current Rent
Defining Search Parameters
Almost 80% of all home searches today begin on the Internet. With just a few clicks of the mouse, home buyers can search through hundreds of online listings, view virtual tours, and sort through dozens of photographs and aerial shots of neighborhoods and homes.  By the time you reach your real estate agent's office, you are halfway to home ownership.
How Many Homes Will You See?
The average number of homes shown to a buyer in one day is seven. Many more than that and the brain is on overload.
How to Rate Homes
•    Bring a digital camera.  Start each series of photos with a close-up of the house number to identify start and end.
•    Take copious notes of unusual features, colors and design elements.
•    Pay attention to the home's surroundings. What is next door? Do 2-story homes tower over your single story?
•    Do you like the location? Is it near a park or a power plant?
•    Immediately after leaving, rate each home on a scale of 1 to 10, with 10 being the highest.
View Top Choices a Second Time
After touring homes for a few days, you will probably know which one or two homes you are most interested in. Ask to see them again. You will see them with different eyes and notice elements that were overlooked the first go-around.   At this point, your agent should call the listing agents to find out more about the sellers' motivation and to double-check that an offer hasn't come in, making sure these homes are still available to purchase.
Making the Selection
True Blue Home Loan can run the various financing scenarios to assist you in purchasing your first home.  You will hopefully live in your first home for a long time.  Let True Blue help you purchase the one you really want.

No Money Down Loan Programs

There are numerous First Time Home Buyer programs that True Blue Mortgage has access too.

FHA (Federal Housing Administration) allows just 3% down and the Seller can help contribute money for closing costs.  FHA also allows lower credit scores than conventional mortgages as long as there are explanations for credit mishaps and the new mortgage fits within debt to income guidelines.   There are maximum mortgage amounts per county, please call us to see if an FHA loan would be a good choice for you.

PHFA (Pennsylvania Finance and Housing Administration) - This is a great program that offers discounts on Rates and Fees for residents of PA, and first time home buyers.  There are income limits based on the county of the subject property.

Fannie Mae and Freddie Mac -   Fannie Mae and Freddie Mac are the investors for all conventional mortgages that banks offer.  Both companies offer conventional 100% financing called Fannie Flex 100 and Freddie Mac 100.  They both also offer First Time Home Buyer programs called Fannie’s “My Community” and Freddie’s “Home Possible”.

VA - Veterans Administration - offers a great 100% loan for qualifying Veterans with conventional rates.  The Veteran must have good credit and low debt ratios.  

PMI - Private Mortgage Insurance - PMI is what makes all of the above programs possible.  PMI is insurance for the lender that is paid by you, the borrower.  It is an insurance policy against default.  The lenders would simply not take the risk for 100% unless somebody insured against default.   Great news, since 2007 a new tax law passed that makes PMI tax deductible just like interest!  There are income limits (100K) to take this deduction, please consult your tax advisor.

Please contact True BLUE Mortgage @ 814-238-3084 or This e-mail address is being protected from spam bots, you need JavaScript enabled to view it for a no obligation review of your situation to see if you qualify for a First Time Home Buyer Program.   You can apply here.  We will call you and discuss your options.  It’s free to apply and there is no obligation.   Get started today and let True Blue Mortgage help you get into your first home.