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“A lot of first-time homebuyers think they have to have a sizable down payment when that’s not necessarily the case because the 100 percent product, and even the ones where closing costs are absorbed, are really prevalent nowadays,” Hughes said.
The process begins with a credit check, just like opening a charge card. Real estate agent Cerita Tucker-Smith said even problem credit often doesn’t stop buyers from being approved for a home loan.
“There are a lot of credit counseling agencies that can assist the first-time homebuyer with their credit, if there are some issues they need to take care of,” Tucker-Smith said.
The loan approval process is usually fast and includes dozens of options. The most popular option now is the zero-down deal.
“There are loans where you can finance 100 percent and even closing costs along with it,” Hughes said.
But Hughes admits putting some money down is often what he recommends. He also helps buyers decide what kind of mortgage is best based on several simple questions.