http://www.artra-condo-official.com/ First Time Home Buyer- From Renter To Owner  Are you ready to stop paying rent and start paying mortgage payments? Do you know what is involved in owning your own home? If not, you are in luck. The following article will show you how you can go from a renter to an owner. How Much Down Payment Do You Need?   

  The amount of money you will need for a down payment is different for each person and each type of loan. There are many variables when it comes to down payment requirements. The most common reasons are credit worthiness, the appraisal of the house and the type of loan you are applying for. Each of these weigh heavily in

determining the amount of down payment that will be required to qualify for a home loan. Creditworthiness is based on two things-your current and past payment histories and your debt to income ratio. The loan officer will pull a credit report to get a listing of all the creditors you currently owe money to and your payment history of both current creditors and past creditors. It is important to realize that all payment information can stay in your credit file for up to 10 years. Once the loan officer has your credit file, he will take your gross monthly income and figure out how much of a mortgage payment you can afford. This is done by calculating your debt to income ratio. Another factor in determining the amount of down payment is the type of loan you are applying for. There are many different types of mortgages with different down payment requirements. For example, the federal government offers a loan that allows first time home buyers to get into a home with a smaller down payment. There are several guidelines that must be followed. To qualify for this type of loan you must have a good credit history and have the funds necessary to pay the mortgage payments. The final factor in determining the down payment amount is how much the house appraises for. Although you will not know this information until the appraisal is completed, you can get an idea of the home's value by asking your real estate agent to do a comparative market analysis. The real estate agent will gather a list of recently sold homes in your area that are similar to the one you are purchasing and come up with the average sales price. This will help you figure out how much equity is available in the home at the time of purchase. If a home is sold for significantly less than the appraisal amount, your down payment requirement may be reduced. Are you excited? Has this article answered all of your questions about becoming a first time home buyer? Use the information located above to help you transition from paying rent to paying for a mortgage. Soon, you will be among the millions who own their home and are no longer slaves to their landlord.

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