Getting the Best Mortgage as a First Time Home Buyer in Missouri
Purchasing a home is one of the most significant financial commitments you will make within your lifetime. With terms ranging between 15-30 years, it’s likely that first time home buyers in Missouri will be paying on a mortgage for decades to come.
Not surprisingly, Missouri first time home buyers will also find that a mortgage will be one of their most expensive financial commitments.
For this reason, it’s crucial to find the right first time home buyer loans in Missouri, allowing homeownership to remain convenient and affordable through the long-term.
As a first time home buyer in Missouri, you’ll want to take the time to compare multiple lenders to find the best mortgages for first time home buyers in Missouri, ensuring that your new home can support your financial health over the long-term.
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How Much House Can a First Time Home Buyer in Missouri Afford?
When it comes to purchasing a home, affordability is much more complicated than simply finding out how much you can borrow.
You’ll also have to take into consideration additional affordability factors, like the closing costs of purchasing a home, monthly budget, and your overall debt-to-income ratio.
To start exploring how much house you can afford, visit any of the below calculators for Missouri first time home buyers to analyze factors like location, household income, down payment, and monthly debt.
Credit Score Tips for First Time Home Buyers in Missouri
As an MO first time home buyer, 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 first time home buyer loans in Missouri.
Below, please find a few credit score tips for Missouri first time home buyers:
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 Missouri 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 Missouri first time home buyer 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 Missouri.
Kansas City, MO
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 an MO first time home buyer, 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 Missouri first time home buyer rate.
Consult with a Mortgage Expert
If you’re worried about whether your credit history may impact your ability to get a Missouri first time home buyer mortgage, 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 great rates for Missouri first time home buyers, even if your credit score is not as high as you had hoped.
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Conclusion – Getting the Best Mortgage as a First Time Home Buyer in Missouri
Aside from the mountains of paperwork and lists of financial jargon, many first time home buyers in Missouri find that money is the biggest challenge when obtaining a Missouri mortgage.
Thankfully, there are plenty of first time home buyer grants in Missouri that are meant to make homeownership affordable and accessible for first time home buyer in Missouri.
Many first time home buyer grants in Missouri provide down payment assistance for Missouri first time home buyers that fit income-based or credit-based requirements, like those offered by the Missouri Housing Development Commission.
Whether you choose first time home buyer grant in Missouri or another mortgage product, make sure that you choose first time home buyer loan in Missouri that fits your unique financial needs and goals.
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