Purchasing your first home in Austin can be exciting; however, the six figure debt that you will owe is not something to smile about. This worry goes a notch higher when you try purchasing a home while dealing with bad credit struggles. Luckily, there are a number of things that you could do, to smoothen your home buying journey, even if you have a bad credit. This article will delve into the 4 steps that you need to follow, to ensure that you secure a first time homebuyer program in Austin, even with your bad credit. Step 1: Clean your credit report Although you can qualify for a first time homebuyer program with a bad credit, improving your credit score will help you get better terms and rates. That is why you need to try improving your score at all costs, before applying for a mortgage. Most often than not, bad credit scores are caused by erroneous credit reports. This being the case, you will need to weed through your credit report in order to find out whether they contain errors which you can then correct. Step 2: Search for first time homebuyer programs First time homebuyer programs have lenient guidelines and charges low interest rates, in order to provide incentive to homebuyers. There are many first time homebuyer programs readily available in Austin, like USDA, VA, FHA, good neighbor next door, and various tax benefits, and therefore you will need to do your research on them. Searching for these programs will ensure that you have enough information about them, thus enabling you to choose the perfect one for you. Step 3: Choose a perfect lender After you have chosen the first time homebuyer program to apply for, you will in turn need to choose your lender. Luckily, there are very many first time homebuyer program lenders in Austin that you can choose. The lender that you choose will determine the rates that you will have to pay and the terms of the program. That is why you need to pay great attention when making your choice. Choose a lender with flexible guidelines, charges attractive rates, and has better terms for their first time homebuyer program. Step 4: Save for down payment Majority of the first time homebuyer programs requires that you pay a certain percentage of down payment, to qualify. This in turn tends to be a hard nut to crack amongst first time homebuyers, as they do not have enough funds to pay for the down payment. However, you should not allow yourself to be put in the same basket; you need to save for the down payment upfront, so that your application process can run smoothly.
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