In a recent survey, 72% of renters ( non home owners) stated that they do plan on trying to buy a home. The first time home buyer is a unique individual. They come from all walks of life and are the result of experiences that have brought them to the point that they are ready to purchase a home. It’s a pinnacle of society and it comes to no surprise why so many people strive for the moment.

Being a home owner is a sign of a family or an individual’s dedication and hard work. It shows the diligence and the result of a mixture of hard work and compounding disciplined good decisions. So why wouldn’t someone pull the trigger and start the process? It is the only way to secure your life and to own more and more of your paycheck every month. You’re either making a rent payment that you’ll never see again or your slowly owning more and more of your own house.

Whether it’s someone fresh out of college or a couple who has worked years, a first time home buyer doesn’t know what to expect. Someone explained it very well to me at an earlier age – a borrower for a home has to get financially naked for loan officers who examine everything about them as they make decisions on the outcome of their loan.

Whether you have bad credit or you have had some bad things in the past that you aren’t proud of, what a first time home buyer needs to understand is that these loan officers have seen it ALL and you are NOT the worst case scenario they have seen. Here’s a short list of these misconceptions..

• They process several applications that look just like yours. Loan officers help families and individuals just like you get in to homes for a living. Their job isn’t to judge you – it’s to help you.
• They want to give you a loan. This doesn’t mean they will make bad decisions or give you loans you don’t qualify for, but it does mean they will see your entire situation and will look for every reason why they SHOULD process a loan for you and won’t be looking for reasons why they shouldn’t.
• They will show you a route to approval. A good loan officer never says no to a borrower. Instead they will tell you exactly what you need to do to get the loan and the home that you want or need.

Leave a comment below on what other misconceptions you believe first time home buyers have that they really shouldn’t!