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Melissa is a mother of 2, lives in Utah, and writes for a multitude of sites. She is currently the EIC of HarcourtHealth.com and writes about health, wellness, and business topics.

Being a novice means that you are entering new territory and you may not have someone around in a professional or personal capacity that can guide you. If you are a millennial, you may be buying a house on your own accord with no spouse or another person to help you shoulder the brunt. Buying a home for the first time also means that you need to have all of your financial responsibilities together. In any event, finding a house that meets your needs and is under your budget means you need to look at mortgage loans with great interest rates. If you are trying to qualify for a low-interest mortgage, you might not get an approval, but don’t despair. Pay attention to these suggestions, as they will help first time home buyers qualify for reasonable interest rate mortgages and help them into their very first home.

Look at Houses That Are Reasonably Priced

You don’t want to find homes that you can just manage to afford, especially if you are a first-time buyer. One of the main factors when mortgage lenders review applications, is the amount of debt that applicants are carrying. Remember that credit card you applied for last year and have been making the minimum monthly payments on ever since? Unfortunately, that line of credit simultaneously hurt and helped your credit rating. Applicants with student loans also have a harder time getting low-interest mortgages, and a lot of first time home buyers are in the age bracket where student loan debt is the norm. Show the mortgage lenders that you are a smart home buyer by considering homes that fall under budget.

Overhaul Your Credit Portfolio

Few people have perfect credit, and that is okay if you are buying a home for the very first time. As long as your credit rating is at least a solid 750 at a minimum you will be able to get a low-interest mortgage. On the other hand, you can hit a brick wall if you have unpaid debts, even if you have a fairly high score. It is a good idea to pay any charged off credit cards, as well as debts that have gone to collections, but you would be better off having those blemishes removed altogether. Sometimes, you can make an agreement with debt collectors that will have them remove negative remarks in exchange for payment.

Save As Much Money As You Can

Operating within a budget might mean that you only buy yourself one new outfit a month as opposed to shopping at will. Other people budget their money by using coupons and using gas rewards credit cards when they fill up at the pump. Getting a mortgage with the lowest possible interest rate available may mean that you have to live as if you’re back in college for a while. Ideally, you should have at least 20% of the purchase price of your home in order to qualify for a lower rate. For a home that costs $200,000, this means that you should be prepared to write a check for $40,000. This doesn’t include closing costs or even the money you need set aside to rent a moving truck. The good news is that your mortgage will be very affordable and you won’t need to make PMI insurance payments.

Include All Sources of Income on Your Mortgage Application

If you receive child support or are being paid alimony, you can use that income to help get approved for a loan interest mortgage loan. Although mortgage companies understand that most parents don’t receive child support for more than 18 years in most instances, this type of income is seen as being guaranteed. It is especially helpful if you can provide bank statements that show that you are receiving child support on a regular basis or court orders outlining how long you are to be the beneficiary of spousal support payments.

You might spend a few more years saving up to get into a great home that you will take pride in, but the wait will be worth it. As a homeowner and millennial, you might be able to get assistance paying energy bills and grants to make home improvements. You might even get an easier time qualifying for student loans to go to graduate school as long as you keep your credit score up. Make sure that you get into a home that you can afford so that you will have something to fall back on.