For low-to-moderate-income buyers in eligible rural and suburban areas, also offering zero down payment. Phase 3: The Search and The Team
Never skip the home inspection. You will hire an independent inspector to check the home's structure, roof, plumbing, electrical systems, and HVAC. If they find major issues, you can use the report to negotiate repairs, a lower price, or walk away from the deal entirely with your earnest money intact. 3. The Home Appraisal guide to buying your first house
Are you ready to take the first step by calculating your , or would you prefer to explore the different types of mortgages available to first-time buyers? If they find major issues, you can use
It is rare to find a perfect house within a starter-home budget. Distinguish between what you absolutely must have and what would simply be nice to have. It is rare to find a perfect house
Don't just go with your primary bank. Get quotes from multiple sources, including local banks, credit unions, and online brokers. Compare their loan estimates, looking closely at both the interest rates and the loan origination fees. 3. Understand Your Loan Options
Do not skip this step! A pre-approval letter shows sellers that you are a serious buyer with actual purchasing power. 1. Gather Your Documentation
As a buyer, using a real estate agent is generally free to you (the seller usually pays the commission). Look for an agent who specializes in first-time buyers and knows your target neighborhood well. They will guide you through negotiations, paperwork, and scheduling tours. 2. Create Your "Needs" vs. "Wants" List