Buying a home is a major purchase. Most mortgage companies recognize that. If you never owned a home before, you may be eligible for certain discounts. While many of the discounts are determined by your income, nearly most of them have credit eligibility requirements. In other words, if you have credit problems, some first time home buyer programs may not work for you. However, there are other programs that you still may qualify for.

The biggest mistake a first time home buyer can make is to not get pre-approved for a mortgage before starting the home buying process. Shopping for a home and ultimately presenting a seller with an offer accompanying pre-approval letter of credit will give you advanced stranding with any seller.

When you work with Robert Bruckner, you won't get just any house – you'll get the right house. And, Robert will help you get the right mortgage too. Here are some special considerations that first time home buyers should be aware of.

100% financing and low down payment programs are still available. However, the guidelines for these programs have changed. If you are a first time home buyer with reasonably good credit, you should be able to find a low down payment or perhaps a 100% financing program. When you work with Robert Bruckner you will learn about the many programs and will be able to see which program best meets your needs.

How long you intend to stay in the house is important when deciding between different mortgage programs. If you do not plan on moving for 12+ years, a fixed rate mortgage with higher closing costs may be preferable to an adjustable mortgage. Conversely, you should avoid paying points and high closing costs if you intend to remain in the property only for a short period of time.Should you pay discount points and get a lower rate, or should you just accept the zero point rate? Robert will do the math and show you when you would break even. Robert knows homes and knows mortgages. By working with Robert you will get the right home and the right home loan.

Interest-only mortgages leave you owing exactly what you borrowed. If you are disciplined and can pay the principal down every so often, you could reduce your monthly payments. Usually home buyers who select this program are purchasing a home that they couldn't afford otherwise. This program is good if your income will be increasing in the near future. Some things to consider with the interest-only mortgages are:

a. Is there a pre-payment penalty if you pay the loan off early?

b. Is there any negative amortization? In other words, if you make a minimum payment do they add what you do not pay to the mortgage amount. Under this scenario, you could end up owing more than you borrow.

c. With any interest-only mortgage, it is possible for you to owe more than your property is worth. Depending on market conditions, this could be true with any mortgage (not just the interest-only ones).

An application fee typically runs $495.00. Robert has arranged with some preferred lenders to have the application fee waived or refunded at closing. Also, some lenders charge you a fee to lock your rate. Robert has arranged a free rate lock with some preferred lenders. Other common fees have either been eliminated entirely or substantially reduced for first time home buyers.