What to Expect as a First-Time Home Buyer from a Local Lender

Matt O’Hara, a mortgage lender from Southern Bank in Rogersville, Missouri, offers insight on homeowners insurance and its correlation with the mortgage application.

What can first-time home buyers expect to experience when working with a local bank?

O’Hara stated:

[Home buyers] are getting someone that is genuinely interested in their situation and has all the resources to take care of them. A local bank is often going to have some in house lending options that a mortgage house will not have as well. That can be important for a first-time home buyer that may have a credit issue or unique employment situation.

How are current interest rates affecting first-time home buyers?

O’Hara mentioned, “The biggest effect the rates are having is raising the monthly payment. This directly affects the amount someone can qualify for which makes finding a home more difficult”.

What programs are available to first-time home buyers?

O’Hara said, “There is a first-time home buyer program where a borrower can put 3.5% of the purchase price down There is also a USDA program where a borrower can put 0% down if the property qualifies.”

Should first-time homebuyers be pre-approved before shopping for a house?

O’Hara suggested, “Yes, always as it is hard to know what to even shop for without knowing you qualify to buy.”

Any tips or tricks that help make the process easier for first-time home buyers?

“Get your w-2’s, tax returns, paystubs, bank statements, ID’s ready as they will need it!” O’Hara offered.

For more information about homeowners insurance or to get a quote today, call Rogersville Insurance Agency at 417-753-7454. To get aholdof Matt O’Hara or his team to discuss mortgage options, 
contact 417-753-7454

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