House Hunters Guide – Preparing to Buy

Trulia’s “House Hunter’s Guide – Preparing to Buy” is helpful for anyone starting to think about making a purchase in Real Estate. It covers several key topics such as:

• Saving for a Down Payment
• Understanding Credit Scores
• Finding the Right Neighborhood

Many people often ask me “What is the first step?” when they are starting out the home buying process. I always say Talk to a Lender first. That way you know before you spend a lot of time looking if you can qualify for a mortgage and what the costs associated with that are – i.e. monthly mortgage payment amounts, down payment amounts, closing costs, etc.

With so many First Time Homebuyer and Down Payment Assistance programs these days, don’t let the assumption that you need 20% down stop you from considering buying a home. FHA loans only require 3.5% down and CHAFA loans are only requiring $1000 down! With interest rates still hovering around 4% and rental rates on the rise, it has never been more affordable to own your own home.

Please contact me if you would like the names of several trusted lenders who I have worked with over many years. It doesn’t cost you a thing to have a 10 minute conversation with them, in person or over the phone, to determine if you can qualify for a home loan. That will help you determine the price range that you should be in when you start your search for houses.