As a first time home buyer, is it crucial to explore multiple lenders? We’re experiencing challenges with our FHA loan, which seems less appealing to sellers compared to conventional loans, especially in a competitive New Jersey market. A new lender I met recently mentioned various first-time buyer programs, including a $10,000 downpayment assistance. I’m curious if such offers are genuine or just a tactic to get us to apply. Should we also be looking into other first-time home buyer (FTHB) programs?
Consulting with at least three different banks or lenders can provide a broader perspective on what programs are available and which might best suit your needs.
Analyzing the loan summary, total loan cost, and fees can help you make an informed decision about which lender to go with.
If feasible, opting for a conventional loan could make your offers more appealing to sellers. It’s worth discussing any potential issues with your current lender that might be restricting you to an FHA loan.
There are numerous national and state-specific programs for first-time buyers, both FHA and conventional. It’s possible that your debt-to-income ratio or credit score is influencing your loan options. A thorough discussion with a knowledgeable broker could clarify your situation and options.