Be proactive and not put the horse before the cart. Get a pre-approval first. This will determine what direction you need to go in and how much home you can afford. Choose the right realtor and don't make this mistake! This is vital through the whole process because this person should know the in's and out's of all scenarios while in contract. Professional help is always needed when it comes to any buyer. This goes from the realtor, lender and home inspector.
This is so important and this shows the lender on how discipline you are with your finances and paying on time and don't make this mistake. The higher your score is, the better your interest rate is going to be, more home you will qualify for and monthly payment will be that much lower. Be honest with you lender on your finances because this will reflect once the pull your credit report and save a lot of embarrassing time. Follow instructions from your loan processor as they submit your package to the underwriter.
Even if it has to sacrifice Christmas and tax returns. Remember, this is an important investment you are making for your future. There are several types of loans. VA, Conventional, FHA and USDA. VA loan is for honorably discharged veterans with no mortgage insurance, Conventional loan requires higher credit score and at least 5% down payment and no mortgage insurance, FHA is the most common loan for first time buyers with mortgage insurance. Depending on your status you may qualify for one of these loans. There are lender incentives for school teachers, police, nurses and fire fighters ( First Responders).
Do not make any major purchases or have any other credit pulled while you are going through this process, this is a mistake. This will throw the numbers off and possibly disqualify your pre approval. This process is about 45-50 days to keep clean and all payments on time. No other major deposits, if so you must explain. This is just a bit of information to get you started and much more because everybody scenario is different. If there are any questions feel free to contact me and Facebook Kevin Sells Florida and Kevin Selling Florida.