Are you considering purchasing a Myrtle Beach home for the first time? Whether you are in your early 20s or later in life, the loan process can be very intimidating. If you are buying a home for the first time, you will be bombarded with the good intentions of family, friends and co-workers as they give you advice that is often not applicable to your situation or inaccurate. You will want to do your homework and obtain firsthand knowledge of what is available to the first time home buyer and what actually applies to your situation. This will mean scheduling a meeting with a lending organization such as a bank or independent mortgage broker.
Loan Options For First Time Myrtle Beach Home Buyers
In many instances a first time Myrtle Beach home buyer can take advantage of the Federal Housing Authority (FHA) loans. There are several guidelines that you will need to meet in order to qualify for a FHA loan.
As a first time Myrtle Beach home buyer you may want to consider using the Federal Housing Authority (FHA) loan product. FHA has specific guidelines that are required for the loan to be qualified. Depending on which state you are purchasing a home, the guidelines may be different. Here’s a quick overview of what to expect:
- They will set the limit as to how much you can borrow for your Myrtle Beach home based on income
- The down payment on the home must come 100% from your funds – not borrowed from family members
- There are income limits for someone who applies for a FHA loan
- You debt to income ratio has to meet a specified level
Another requirement is you will need to have an appraisal done on the Myrtle Beach home you are considering purchasing. The appraiser must be properly certified as a FHA appraiser and they must complete a report that is required by FHA.
There are minimum property standards a Myrtle Beach home must meet to qualify for a FHA loan. All systems in the Myrtle Beach home such as the plumbing, heating, roof and other mechanical systems must be in good working order. If the appraiser notes a deficiency in any area of the Myrtle Beach home, it must be rectified prior to closing.
Other Options For First Time Myrtle Beach Home Buyers
Another avenue is to apply for a conventional loan, however, these usually require a higher down payment than a FHA loan. Depending on your situation, a conventional loan may not be practical for the first time Myrtle Beach home buyer. Because you have not owned a home before, the requirements to qualify for a loan are often more stringent.
In some instances special products may be available for the first time Myrtle Beach home buyer if you are a teacher, fireman, police officer or are in the military either active or a veteran. You bank or mortgage broker can help you determine if you qualify for a loan based on these conditions.
A good example of this type of loan product is the Myrtle Beach home loan for those who have served in the military. This is referred to as a VA (Veteran’s Administration) loan. You must provide a certificate of eligibility which is acquired from the VA and presented to the lending organization. Much like the FHA loan, there are restrictions that apply and guidelines that must be followed.
Before you start dreaming about your Myrtle Beach home, you will want to meet with a banker or mortgage broker to see which loans best fit your situation. They have the knowledge of what loans are available and any special incentives for first time Myrtle Beach home buyers. You can relieve a lot of the stress that goes with purchasing a home for the first time by sitting down with a loan officer and knowing your options. Then you can meet with a Myrtle Beach Real Beach real estate agent and know exactly what you can afford and develop a plan to purchase your Myrtle Beach home.
Give JP Real Estate Experts a call and we will help you find options that meet your specific situation. We have worked with first time Myrtle Beach home buyers and are here to help you.
Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577