First home loan time
First home loan time or first time home loan is being offered by number of loan lenders across the world. It is basically a program where-in a person purchases a house for the first time fulfilling his dreams of becoming a homeowner. There are number of different alternatives available when it comes to first time home loans and so a borrower can without any difficulty select one depending upon his requirement and budget. In order to get one of the best offers from loan lenders it is essential for a borrower to do some research and compare the rates provided by various loan lenders. Internet is one of the best places where one can easily accomplish this task.
There are number of online loan lenders which offer number of services related to first time home loan. There are even websites which offer a perfect option where-in one can compare the rates and make other calculations regarding the home loan. The credit status of the borrower does play a vital role in obtaining the first time home loan. Besides that, some of the loan lenders also take into consideration the job profile of the borrower. Mortgage centers, banks, credit unions and online loan lenders are some of the financial institutions which a borrower can approach for availing a first time home loan.
Even though financial institutions offer 100 percent finance to purchase the new house there are few loan lenders which ask for some kind of down payment and this is essential in case the borrower has a bad credit status. Nevertheless there are several other aspects which have to be understood when it comes to first time home loan. According to the reinvestment & recovery act of America all the persons qualified for a first time home loan are eligible for a tax credit of 8000 dollars. This benefit is also available for those people who have not owned a house or a property for al least 3 years.
The tax credit option is being calculated after taking into consideration 10 percent or 8000 dollars, whichever is less, of the purchasing value of the house. Tax credit option can also be obtained only for purchasing a primary residence. The adjusted gross income has even being set as 150,000 dollars for a joint tax filer and 75,000 for a single tax filer. In most o the case, there is no need for the borrower to pay back the tax credit because it is being received whenever the borrower files for his or her tax returns.
Various kinds of first time home loans are being offered in America which includes rural home loan program, 80/10/10 housing loan, FHA housing loan, VA loan, first time home loan for bad credit people, 100 percent home loan, jumbo mortgage loan, no money down loan and government mortgage loan. Besides this, home loan calculators are also being offered by most of the loan lenders which makes it easy for a borrower to make various calculations in order to known the monthly installment and the rate of interest. So, depending upon the requirement and your budget you can choose whichever kind of first time home loan you require and fulfill your dream of becoming a proud home owner.