"First Time Home Buyers To Do List" - The first step is to identify what buyers can afford, and that is where many first-timers struggle with.

All Consumers need to do research and find out exactly how to improve their credit to be approved for a loan. The first check on any first-time buyer’s to-do list is to visit a lender and find out exactly they can afford. Visit different lenders becasue each one has a different idea or different way of interacting with customers.

Up to early 2008, almost anyone could get a house they couldn’t afford. Now, the market is adjusting, and there are more strict requirements to being approved for a loan, including a strong examination of credit, demonstrated proof the buyer is able to make the payments and enough money in the bank.

Buyers need to make sure they understand from a lender what that buyer needs to do to be able to buy a home. Does the potential home buyer need to save more money, pay off some bills or stop opening new credit line accounts (credit cards)?

Since 2000 thru 2008, no one had to have money in the bank, no one had to have the down payment. Everyone got used to that and that wasn’t a good way for things to start off as... it was too easy... and signs of disastrers to come.

Someone with great credit can start paying with 3% down, as their credit score worsens, the payment can  increase drastically. Someone with poor credit could have to pay 20%, or not receive a loan at all.

Because interest rates are so low right now, you have a good chance at getting a monthly payment for so low. It's a great time to be a first-time buyer in that home prices have dropped and interest rates are so low.