First Time Home Buying 101
First things first! Find a great Realtor…Rosies team can help!
Know your credit score but don’t let a low score scare you!
Credit is something that can either make or break you in this housing game. But, there are many simple things you can do to bring your credit score to a level of loan qualification. Sometimes, it may just take a month or two. Contact Rosies team for a confidential consultation with one of our first time home buyer specialists. They can help with a loan pre-approval.
Save some money!
You may not need too much in savings if you qualify for a down payment assistance programs. But it is always good to have extra money in the bank, especially as a home owner. Most states have down payment assistance programs to help first time home buyers.
Each state is different, for example in Michigan, The Michigan State Housing Development Authority (MSHDA) offers first time home buyers up to a $7,500 in down payment assistance that can be used with a conventional or FHA mortgage. There are specific qualifications that must be met to qualify for the money such as an adequate credit score and income limits. Talk to your agent to learn more about down payment assistance programs that may be applicable to you.
Make a budget!
This may go without saying, but it’s an important step. In addition to your house payment, remember that you will be paying for utilities, taxes, insurance, repairs, lawn care, home improvements etc. Factor these plus any other personal expenses into your budget.
Say NO to Zillow!
Just kidding, but your Realtor will be the best source for truly available homes that meet your criteria, as many consumer websites have inaccurate data. Ask Rosie’s team about this today.
Make an Offer!
When you find a home that works for you, don’t be afraid to make an offer. Each location is different, but nationwide the housing market is hot and good finds don’t stay on the market for very long. Your Realtor is there to help walk you through the process and help you with paperwork and negotiations.
Get a private home inspection!
Once your offer is accepted, we highly encourage you to get a private home inspection. This will help you understand the home you are purchasing and identify any issues or pitfalls that exist before you purchase the home. An informed buyer is a happy and stress-free buyer.