First time buyers of homes are welcomed with open arms by the lending companies for they are sure buyers. They are also free from complicated previous loans that could dampen the processing of the application.
Some first time buyers like to buy newly constructed homes, but if budget is an issue, there is a surfeit of foreclosed homes today that are just waiting for the right buyer to purchase it. In fact, a lot of buyers prefer these for they are cheaper than the other properties. This means that the monthlies they have to pay for would be based on lower interest rates.
Looking for foreclosed homes is practically easy. In fact, there are listings in the lending company that you may apply to. They will show you the list of properties they currently have complete with all of the costs involved in the purchase.
A lot of the foreclosed homes are located in prime locations, unfortunately, for most that got foreclosed were caught unawares when the economic depression hit the real estate industry. The good locations are a good investment to think about for when the market finally improves, this can be sold for a better price.
However, there are also foreclosed homes which have been vandalized by previous owners or by thieves who entered the premises because they had been left empty for so long. If that is the case, make sure to survey the area properly, assess the structure, and make sure that you are saving costs when buying this instead of having to shell out so much to repair the property.
There are so many options to choose from for first time buyers and foreclosed properties are just one of them. The options are there for the taking, apply and find out if you are legible for approval.