Getting the Best Mortgages for First Time Home Buyers in Delaware
Purchasing a home is anything but a short-term commitment. With payment terms ranging from 15-30 years, it’s likely that first time home buyers in Delaware will be working a mortgage into their budget for decades to come.
For this reason, it’s crucial to find the right mortgage lender with the best rates, ensuring that home ownership remains as convenient and as affordable as possible through the long-term.
Whether you’re ready to start house hunting or simply considering an opportunity, understanding your options as a first time home buyer in Delaware can make a world of difference when taking out your first home loan.
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Credit Score Tips for First Time Home Buyers in Delaware
As a first time home buyer in Delaware, having a solid credit history will play a huge role in determining the types of mortgage rates you receive.
Whether your score is low or high, it’s important to understand where your credit score is at before you start applying for Delaware first time home buyer loans.
Below, please find a few credit score tips for first time home buyers in Delaware:
Know What Type of Credit Score You Will Need
As with any other type of loan, higher credit scores will get you the best rates, but even first time home buyers in Delaware with less than ideal credit can find the right mortgage product for them.
According to Quicken Loans, a score of 660 or higher will provide a wide range of options, but an FHA loan for a first time home buyer in Delaware can be approved with a score as low as 580.
No matter what type of mortgage you are considering, it’s a good idea to do your research beforehand so that you know exactly what type of credit scores are required for first time home buyers in Delaware.
Monitor Your Credit Score Regularly
If you aren’t already checking your credit score on a regular basis, now is the time to do it. As a first time home buyer in Delaware, you’ll want to carefully review every aspect of your score to ensure that everything is correct.
This is a great opportunity to resolve any errors or identify areas for improvement, like paying down credit cards or eliminating old bills.
Using a free credit monitoring service like CreditKarma is a great way to prepare yourself for a great Delaware first time home buyer loan rate.
Consult with a Mortgage Expert
If you’re worried about whether your credit history may impact your ability to get a mortgage as a first time home buyer in DE, you may want to speak with a financial expert.
Getting additional guidance and advice can provide invaluable direction on how to improve your chances of getting a great rate as a first time home buyer in Delaware, even if your credit score is not as high as you had hoped.
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Delaware First Time Home Buyer Programs
Aside from the mountains of paperwork and lists of financial jargon, many first time home buyers in DE find that money is the biggest challenge when obtaining a Delaware mortgage.
Thankfully, there are plenty of Delaware first time home buyer programs that are meant to ease the financial stress that naturally follows a first time home buyer in Delaware.
Below, you can find a list of the most common Delaware first time home buyer programs that a first time home buyer in Delaware may be able to benefit from.
- Delaware First Time Home Buyer Tax Credit—Provides Delaware first time home buyers with up to $2,000 in annual tax credits
- Homeownership Loan Program—Offered by the Delaware State Housing Authority, this Delaware first time home buyer program provides discounted mortgage rates for first time home buyers
- Delaware FHA Loans—Offers 30-year fixed rate mortgages for Delaware first time home buyers
- Delaware USDA Rural Housing Loans—Flexible, no down payment program provided through government funding
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Conclusion – Getting the Best Mortgage as a First Time Home Buyer in Delaware
Buying a first home is not a quick shopping experience for first time home buyers in Delaware. The average processing time for a mortgage takes between 30-45 days, including the start of application to the closing.
Given this, first time home buyers in Delaware should be prepared for a longer processing time and create a plan to avoid unnecessary delays or extra expenses when getting a Delaware first time home buyer mortgage.
As a first time home buyer in Delaware, you could gain a significant advantage from providing a down payment that is 20 percent or more of the total home price.
Not only does this lessen the burden of a mortgage over time, but it can also make home ownership more affordable for first time home buyers in Delaware, since many lenders will remove the cost of mortgage insurance.
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