Tips For The First Time Home Buyer

 Buying a house can be daunting.  And in today's market, it is even more daunting. I am going to give you some tips to consider if you are a first-time homebuyer.



Start Saving Now

There are many aspects to buying a home that requires money!  Closing costs, down payments, and even moving costs.  Make sure to save money now so when you get that final step and are ready to close on your home, you have the funds to do so. 


Check Government Programs

Do you qualify for a VA(Veterans Administration) loan? You must be in or have been in the military and have been honorably discharged.  Make sure you have a copy of your DD214s.  If you do not, contact the nearest Veterans Administration office in your area.  What about an FHA Loan?   There are many government programs to assist you in buying a home.  Each has different sets of criteria you must meet, so be sure to check those out.  They can be very helpful when buying a home and often have grants or low or no down payments.  Also, many states have different programs that help first-time homebuyers.


How Much Can You Afford?

We all have the dream home, but we have to be sensible about buying a home.  Your creditworthiness, monthly expenses, downpayment and will all be taken into consideration before any lender will give you a home loan.

According to this mortgage calculator, my mortgage will vary depending on which lender I use.  If I am buying a house for $325,000 and put a down payment of 20% ($65,000), and choose a 30 year fixed rate, my mortgage payments would range from a low of $1045 a month to a high of $1243.  You must do your due diligence and shop around for a lender and ideally get pre-approved for a home loan.  


Stay up to date on Mortgage News

At the time of this post, the housing market is crazy, BUT there are many government-backed incentives to help you procure a home. Whether you follow a certain mortgage company or government-backed one like Fannie Mae, subscribe to their emails, check their site frequently, and don't be afraid to Google any questions you may have.  

 Look around in your area and go to some open houses.  Realtors often advertise open houses or may just put a sign out in front of the property.  This helps you get familiar with the home buying process.


Do you have any tips you would like to share?  Drop them in the comments below.




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