First Time Homebuyer Essay

1293 Words6 Pages
First Time Homebuyer The first thing to do when you're going to buy your first home is to go right ahead and be pre qualified for a loan. In order to do this you need to sit down with your lender and learn about the different types of loans. Together you and your lender can come up with the best loan for you. The main three are FHA, VA, and Conventional loans. FHA loans limit you to an $118,750.00 buying power. But, the bank is more lenient on slow credit and you can use 100% gift funds. VA loans are strictly for military veterans. Conventional loans give you a 240,000.00 limit. But, the buyer must have 5% of the sales price. To apply for a loan there is a list of things that you will need. You will need to bring W-2’s for the…show more content…
That’s what they are there for. After you found the best for the job go ahead and hire them. The first thing that you do when you hire your agent is sign a buyer contract. Basically, what the buyer’s contract does is list the obligations of the buyer and the agent. There is a long list of things that the agent is going to need to be able to find the best house to suit your needs while also being in you range. This is the obligation of the client, to make sure the agent has the things required promptly. Other than that, the only thing that you need to be sure and do is pay the compensation set forth by the agent and client. The obligations of the agent are just as simple. The agent needs to do everything she can, while obeying all lawful requests, to make sure your buying process goes quickly and smoothly. She is also in charge of making sure your closing goes through. Now you will start your search. First, to make finding a house easier by not looking all over town, you need to find a good neighborhood that you want to live in. When looking for a neighborhood, you need to look at a number of things like the quality of schools, traffic, and crime rate. Also look into the location of the neighborhood in the city. Ask yourself, “Where is the nearest Hospital?” You may want a neighborhood that is farther from the inner city. Another good thing to look at when deciding is how many homes have sold in the
Open Document