It is exciting to purchase that first house. The buyers can move out of cramped apartments and into larger spaces with a yard. The new owners can put down roots and even start a family. The house is a sign of financial wellness, but caveat emptor (let the buyer beware!) is sensible advice. Too many first-time buyers will pay a premium for what they do not know.
Financing Is Tricky
A conventional bank loan is straightforward, but FHA financing requires inspections and a fair amount of paperwork. The size of the down payment will affect the monthly house bill for years to come. Continue reading