Your first step to homeownership is to contact us!
We'll guide you through the entire process. Let's set up a meeting to discuss your goals, timeline, & provide you several good lender names, so that you can get pre-qualified for a loan.
Here's some of the basics: You should be able to show 2-3 years of steady income from a job or business. And you should determine if your current income is likely to continue or increase.
You should know if you have good credit, so you should know your FICO credit score. Not all, but most First-Time Homebuyers obtain their first home utilizing a government backed loan, such as FHA, VA, or USDA loan. In order to obtain one of these loans, you will need to have a minimum FICO credit score of 580 – 660. This will vary between lenders and there are other variables that are considered, such as your debt to income ratio (how much you pay creditors monthly in relationship to your gross monthly earnings). In order to acquire a Conventional loan for a home, the minimum FICO credit score required of 620-740. Again, this will vary between lenders and other variables.
You should have enough saved for a down payment. Generally FHA & Conventional loans require a minimum down payment of 3½%. VA & USDA loans offer 0 down payment. You may also qualify for down payment assistance &/or certain credits towards purchasing a home! Speaking to one of our recommended lenders can provide you further details.
You should consider if you can afford to make the Monthly Mortgage Payment. This will include mortgage principle, interest, taxes, property insurance, & mortgage insurance (if applicable) every month. Often times, your monthly mortgage payment may be LESS than what you pay for monthly Rent.
Heather Pickens, Realtor®
Accredited Luxury Home Specialist
There's no place like home...
and there's nothing like owning a home!
Are you ready?
Sooner or later, it hits almost every renter: the pain of dealing with a landlord, or seeing your monthly payments vanish, or realizing you don't have control over your living space. Sound familiar? It might be time to start thinking about buying a home of your own.
The idea of finding, financing and purchasing a new home can be intimidating, but you’re not in it alone – We’re ready to help you every step of the way.
If you’re not quite ready yet, we'll continue to share some thoughts on renting vs. owning. And when you’re ready to make a move, let’s talk. Call us and we’ll get started. It's that easy.
What are the advantages of
OWNING vs. RENTING?
We all commonly begin as renters because of the initial down payment and the financial commitment it takes to own a home. The downside to continuing to rent is that your monthly payments don’t serve as an investment for you, they serve the Landlord’s investment! And, those payments they’re gone forever.
When you own a home, there are some great financial advantages! A portion of each payment reduces your loan balance each month, your mortgage interest and property taxes can be deducted from your taxable income each year, and, the market value of your home may increase over time, which allows you to build equity. This makes home-ownership a great investment!
The only one down-side to home ownership is that you are responsible for the maintenance & unexpected repair expenses that may arise. We recommend, for First-Time Buyers, that you obtain a Home Warranty, this may help curb the cost of these unexpected repair expenditures.
We think the most impressive part of owning your own home is that it’s YOURS! You get to express your own style & décor. You can enjoy the lifestyle you want, you’ll have room to flourish, and you get to build your own dreams in the comfort & privacy of your OWN HOME!