Do you have questions about buying your First Home?
We all know the old line about location, location, location. But, buying a home takes research, research, research, too.
You will want to determine:
+ How much can I comfortably afford?
The pre-approval process, which entails full documentation and credit check, is the best way to determine the numbers that are right for you. Early in your search, you can identify any potential hurdles and focus only on homes truly available to you.
+ How much cash do I need to close?
Knowing how much cash you'll need to close and, ideally, consolidating those funds into one account will help to prevent stress and ease the process later.
+ What kind of property do I really want?
Single family, multi-family, condo, co-op, Victorian, Colonial, Cape, split, ranch, cottage, cabin, teepee...home types and legal distinctions are plentiful. Whether you are open to several styles or have your heart set on only one, narrowing your search will save time and prepare you to act when the perfect home hits the market.
+ Where do I want to be and how long do I want to be there?
You’ll want to strike a balance between buying what you can afford and buying what will accommodate your needs for longer than just the first few years. Assess your plans for growing your family and how your income might grow to match. Planning ahead is especially important in today’s market, when trading up tomorrow may mean both a more expensive home and a higher mortgage rate.
+ How does the process work?
This is a time when the Internet doesn’t have all the answers. The process varies for many reasons, including area and custom. Generally, purchases include: Offer, Acceptance, Inspections, Contract, Loan Application, Appraisal, Title, Loan Approval, Closing/Funding and Moving In. Many little steps can fall in between, and the process won't always occur in a given order. It pays to speak with local experts early.
My Video FAQ’s will have some of these answers for you, however, I am always happy to meet with you personally to discuss your options. Use the form below to contact me so we can schedule a time to chat.
First, let’s meet Mea!
Next, are you a first time home buyer or renter?
There are dozens of benefits to owning your first home and I would love the opportunity to help guide you through the process. Please feel free to watch my short videos below and contact me so we can further discuss your best options for today and in the future.
First Time Home Buyers
Whether you’ve saved a little or a lot, reach out today, and we’ll work on finding a loan that works for you. Check out my video below and let me help you find the best mortgage solution for you!
0 DOWN -The VA and the USDA both offer a zero down loan program for individuals and/or properties that meet their criteria. Sometimes, loans require little or no cash out of pocket. Some HUD properties are available with as little as $100 down.
3% - Some Fannie Mae Community and HomePath® programs allow just 3% down. You may even be able to fund your down payment through gifts, grants, employers, government agencies, unsecured loans from family or even with loans against CDs or retirement accounts.
3.5% - The FHA loan program allows as little as 3.5% down, and it is more lenient than most other programs on minimum credit scores.
5% - Fannie Mae / Freddie Mac conventional loans are available with down payments as low as 5%. The minimum changes based on property type, credit score, occupancy, etc.
Are you surprised at how low you may be able to go? While many believe a 20% down payment is required, you can see now that it’s far from the only option.
What are some of the Loan Types?
There many loan types just like there are many types of home buyers and homes. I understand that it is not a one-size-fits-all process and will help you find the right fit for your finances, your future goals and your home dreams. Let’s chat!