Ten Rules to Follow When Buying a Home

  1. Make a commitment. Commit yourself to your new home for at least a couple of years before making your next move.
  2. Money matters. If you’re considering a mortgage, shore up your credit and get a copy of your credit report.
  3. Get pre-approved. Save yourself the time and grief of looking at houses you can’t afford.
  4. Determine how large your mortgage can be. Explore different loan options to determine what is best for you. 
  5. Decide what (and where) you want to buy. Prioritize your needs (i.e., location, schools, amenities).
  6. Consider your re-sale value. Even if you don’t have school-aged kids, a strong school district is a good thing. 
  7. Do your homework. Bid based on sales trends of similar homes in the neighborhood.
  8. Calculate the hidden costs. Property taxes, insurance, maintenance and association fees can impact your wallet over time. 
  9. Don’t be house poor. Double and triple check to be sure you haven’t maxed yourself out on the cost of your home and left nothing for maintenance, etc.
  10. Get help. Hire a REALTOR® to get the most for your money. It pays to have someone looking out for your interests.

 

First Time Home Buyers Program

The first time home buying process starts at the same point as buying your 2nd, 3rd or 4th home, with the loan. Although the loan process has more steps and takes more personal time involvement the outcome is the same, if you find the right mortgage company. To some a loan is a loan and mortgage brokers say things like “There are no real first time buyer loans” or “This is the same as a first time buyer loan”, it’s not! Working with first time buyers we have searched out the companies that truly want to help.  First time home buyer programs can offer lower interest rates, low down payments, or reduced taxes.

 

FHA and VA Loans for First Time Buyers

First time homebuyers often experience the most difficulty producing a significant down payment, everyone should have the opportunity to buy a home. For this reason the Federal government has developed two loan programs to assist homebuyers that have little or no down payment. These programs are called the Federal Housing Administration (FHA) and the Veteran's Administration (VA). These programs are not solely intended for first time home buyers, if you qualify and which program is acceptable for your needs. FHA and VA loans can be especially advantageous when combined with a HFA or MCC first time homebuyer program.

 

Who is Eligible for a First Time Buyer Loan

First time home buyer programs are designed to help borrowers who may not have enough money to pay the full cost of the down payment or the closing costs on a mortgage. These programs make obtaining a mortgage more cost effective, first time home buyer programs are available to those who have not owned a home for the past three years.

 

Community Home Buyer Programs

Community homebuyer programs reduce the down payment the borrower must pay up to 3%, which must be the borrower's own funds. The closing costs can be gift funds, a grant, or seller assistance up to 3% of the sale price. This type of home loan requires the home buyer to take a class on home ownership, upon completion of the class, the homebuyer will receive a certificate that reduces the cash requirement and expands the qualification ratios.

 

During the process of obtaining your loan we should start to develop a clearer picture of your home search price range, couple this with your criteria of neighborhood and home specs (number of bedrooms, baths, etc…) your new home search starts.

 

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