First Time Home Buyers Guide to Buying a Home. The mortgage process can be rather complicated. However, have no fear, you will find tons of information to help you through it. Soon you and your family will be celebrating the joys of home ownership. If you are in the very early stages of this venture, then there are a lot of things you need to understand before applying for a loan.
A first-time home buyer is defined as a buyer who has not bought a home over the past 3 years. In that sense, bounce-back buyers, those who had a short sale or foreclosure, are also entering the marketplace. Core-Logic says about 1/4 of all foreclosure and short sale homeowners are back in the market,
· Qualifying as a first-time home buyer opens you up to a range of programs that can expedite your path to homeownership, and the status isn’t.
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It’s a great time to buy because right now, qualified buyers can get up to $6,000 in down payment and closing cost assistance through the Down Payment Plus grant. Whether you’re a first time home buyer, renter or looking for your next home, you may benefit from the Down Payment Plus grant .
A first-time home buyer might not realize there are more costs associated with buying a home than just the purchase as they move from rental housing. You may need to educate them on property taxes, legal fees, utilities, furnishings, maintenance, association fees and unexpected emergencies.
Don’t buy a home because it’s a buyer’s market or just because of low mortgage rates. Buy a home because you want to be a homeowner. Buy a home because you’re settling down and need a place for live for at least five years. And only buy a home if you’re financially ready. How to Prepare to Buy Your First Home.
"Three percent down, 5% down are the ways people are buying homes. ten percent down is the average in the nation right now. You don’t need 20% down to buy a home. It’s the biggest myth out there." Except if you’re in a competitive real estate market, Michels cautions.