First Time Home Buyers


You are ready to buy your first home.  Congratulations!!

Although this is a very exciting time in your life, there are many things that you need to consider before you start looking for your perfect Dream Home:

How much can you afford?

The first place to start would be your finances.  I suggest that you contact a bank or a Mortgage Broker to discuss with them how much house you can afford. Based on your income, debts, credit scores, etc., a mortgage professional will be able
to tell you how much of a mortgage you will be pre-qualified for.

How much do you need?

Most people think that they need to have a 20% downpayment before they can even considering buying a home.  That is simply not true! There are FHA mortgages that require as little as 3 1/2% downpayment.  There are also conventional mortgages that only require 5% down.  VA loans require NO MONEY DOWN (only for military personnel or veterans).   Since there are so many
options, only a mortgage professional will tell you what you qualify for. With any loan you do get, there are still closing costs incurred.  The closing costs could be as high as 5% of the purchase price of the home.

Closing Costs Include: Lenders Fees, Attorney Fees, Title Search, Escrow (for Taxes and Insurance), Points on Loan, etc.  Your mortgage broker will be able to help you figure out how much you will need at closing.
In today’s market, many Real Estate Professionals are negotiating a purchase price
that will include a credit at closing to help their buyers with their closing expenses.
This helps reduce the amount of cash needed to buy a home.

What to look for in a home?

You should start with a “Wish List” of all of the features that are important to you
in a home.   Create two columns:  “Must Have” and “Would Like to Have”.

Some things to decide about:

Number of Bedrooms
Number of Bathrooms (Full and Half)
Style (Colonial, Ranch, Raised Ranch, Cape, etc.)
Formal Living Room/ Dining Room
Finished Basement
Lot Size

As your Real Estate Consultant, I can help you make all of these decisions by discovering what is really important to you.



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