The first step in Buying a Home in the Lehigh Valley is to get pre-approved for a Mortgage. That way you are an educated home buyer that knows their finances and what they can afford.
In addition, if you wish to make an offer on a home the seller is going to expect to see that you have been Pre-Approved for a Mortgage. If the offer is for cash, the seller is going to want to see proof of funds (something in writing showing you have the cash). If the offer has a mortgage contingency they are going to want to see the pre-approval from your mortgage company.
A pre-approval typically means you have spoken to a mortgage company, they have pulled your credit, reviewed your income/debt and determined you should be able to borrow "x" amount of dollars towards a home purchase.
There are multiple Mortgage types available to Purchase a Home in the Lehigh Valley.
FHA Mortgage - 3.5% down payment
Conventional Mortgage - 3, 5, 10, 15, 20% down payment (options vary per buyer)
USDA Mortgage - 100% financing but house must be in a "rural" area - no down payment required - income limits apply
VA Mortgage - 100% financing - no down payment required - buyer must be an eligible veteran of the US Military
PHFHA Mortgage - similar to FHA but includes option to help offset the 3.5% required down payment
Once the home buyer gets pre-approved for a mortgage, they are considered a grade A home buyer that is ready to view homes and make an offer to purchase a home.
If you need a mortgage rep with expertise in all of the above mortgage types let me know.
For all of your Lehigh Valley Real Estate information, visit www.lehighvalleyhomesonline.com