Make buying your first home easy following these simple steps.
1. KNOW your credit score.
Go to AnnualCreditReport.com and get your free copy of your credit report. If your score is 580 or higher, you may qualify for FHA loans. You should have a credit score of at least 620 to qualify for a conforming loan and a 680 score or higher to get prime lending. Check your credit report to see if there are any issues, known as line items, that may need to be cleared up or explained to your loan officer.
2. GET pre-qualified.
This allows you to see the homes you can afford according to your loan limit. You will get to know your DTI (Debt-to-Income Ratio), estimated monthly payments and more.
3. PREPARE your down payment.
Have your down-payment ready and in your bank. Lenders, and especially underwriters, will verify everything. If it is a gift or borrowed funds, get the paperwork completed. If the funds are in your retirement fund or stocks, you may want to convert that to liquid assets.
4. SEARCH for a home.
This is the fun part as well as the hard part. For example, do you want a newly built home, or a resale? What city do you want to live in? Is a home closer to work or in a school system more desirable? A professional real estate agent or realtor may be able to guide you through the choices, if you this is your first time buying a home. RE agents can also assist you in scheduling a tour of the home or community you prefer.
5. GET into contract and FINISH the Close.
If you purchase a newly built home, the builder can do most of the paperwork. Your RE Agent can assist you in looking over the contracts and details. Remember, you will need to bring your agent or realtor with you on your 1st visit to the Community. If you are purchasing a resale home, your agent can help you make the best offer, get the required contracts completed. And, if accepted, fulfill all the work in between until Closing of Escrow and your new home is Official Recorded and delivered.
Remember to be patient. The timeline for a resale home to be completed usually takes about 45 days. For a new construction home, it can be as quick as 30 days for delivery, to 2 years for completion. There's a lot more, so feel free to contact us if you have more questions. (CLICK HERE to CONTACT US)
1. KNOW your credit score.
Go to AnnualCreditReport.com and get your free copy of your credit report. If your score is 580 or higher, you may qualify for FHA loans. You should have a credit score of at least 620 to qualify for a conforming loan and a 680 score or higher to get prime lending. Check your credit report to see if there are any issues, known as line items, that may need to be cleared up or explained to your loan officer.
2. GET pre-qualified.
This allows you to see the homes you can afford according to your loan limit. You will get to know your DTI (Debt-to-Income Ratio), estimated monthly payments and more.
3. PREPARE your down payment.
Have your down-payment ready and in your bank. Lenders, and especially underwriters, will verify everything. If it is a gift or borrowed funds, get the paperwork completed. If the funds are in your retirement fund or stocks, you may want to convert that to liquid assets.
4. SEARCH for a home.
This is the fun part as well as the hard part. For example, do you want a newly built home, or a resale? What city do you want to live in? Is a home closer to work or in a school system more desirable? A professional real estate agent or realtor may be able to guide you through the choices, if you this is your first time buying a home. RE agents can also assist you in scheduling a tour of the home or community you prefer.
5. GET into contract and FINISH the Close.
If you purchase a newly built home, the builder can do most of the paperwork. Your RE Agent can assist you in looking over the contracts and details. Remember, you will need to bring your agent or realtor with you on your 1st visit to the Community. If you are purchasing a resale home, your agent can help you make the best offer, get the required contracts completed. And, if accepted, fulfill all the work in between until Closing of Escrow and your new home is Official Recorded and delivered.
Remember to be patient. The timeline for a resale home to be completed usually takes about 45 days. For a new construction home, it can be as quick as 30 days for delivery, to 2 years for completion. There's a lot more, so feel free to contact us if you have more questions. (CLICK HERE to CONTACT US)
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