As a first time homebuyer, some lenders will require proof of rental payment history in order to approve your mortgage. If you are renting from a private individual rather than a property management company, rental payment history shown in the form of cancelled rent checks may be required for your first home loan's approval, although not all lenders require this. Your mortgage professional will help you find a lender whose documentation requirements match your lifestyle's situation. Some lenders don't even need to know your source of income on the loan application, streamlining the approval process when the borrower has unsteady employment history. New loan programs are helping first time homebuyers everyday get past situations which would have been viewed as obstacles in the past.

The biggest thing is to not be afraid to ask these questions and many more. Everyone has to go through this process at some point, and will inevitably do it again. So the best thing to do is ask questions the first time around, so that you are comfortable with how the process works. It will make the whole process much easier for you both now and the next time you decide to buy a home.

We can also recommend a highly qualified Realtor to assist you in the purchase of your new home. While it is always important to have a knowledgeable Realtor on your side, it is most important on the purchase of your first home. It is easy to get caught up in the process, and not examine each of the homes you view as closely as you should. A Realtor who knows the market will know what to look for, and may be able to point out pro's and con's to each home you may have overlooked. They can also be a level headed negotiator on your behalf, when you are ready to make an offer on your new home.