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First Time Home Buyer

As a first time home buyer, what do I need to know?  Any advise?
  • September 16 2013 - Plantation
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Answers (9)

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  • April 19 2014
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I feel that the first thing you need to do is talk to a few lenders and see what kind of programs are out there.  They can advice you to what dollar amount you qualify for and feel comfortable with.  At that point any issues can be addressed.  Next make a list of items in a home your looking for and areas.  I think looking at open houses and new construction is a great idea.  I would also contact an agent or two that you feel comfortable working with.  I would be happy to help you with your search. Good Luck!
  • September 17 2013
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Yeah, you can go out to some open houses and talk to some real estate agents. Don't commit to one until you've found at least three that you'd like to work with, then go back and talk to them all again before deciding. The best one will be a much better guide than any guidebook could ever be.

All the best,
  • September 17 2013
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Profile picture for Dunes ..
That's a big question for a big decision for a big financial transaction
Sounds important...

1. Picking a Lender or Agent are critical/important decisions, just running out and getting one is foolish..
2. Get as informed as possible so you can wade thru the smoke ..they are selling services not doing you a favor and you are HIRING


I would suggest becoming as informed as possible about options, the process, whats available, what to watch out for
A lot of those decisions are gonna be based on the market/area you intend to spend a sizable hunk of money in....might be good to get out and check it out


In case you're interested here are some excellent resources, places of info imo...lots and lots of info available, Forums to cruise to see who says what..make use of them...you are not buying a pizza so prepare for your Huge Financial decisions and BusinessTransaction

First Time Home Buyer Info about the Process & Excellent Info/Resources for any Buyer..Buying a Home

Provided by the Federal Gov..Info on their Loans/Programs
Find the Right Loan, you can search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program. GovLoan.org

Department Of Justice
Anti-Trust Division Web Site about all the options Consumers actually have
New business models are emerging that allow consumers to save thousands of dollars when they buy or sell a home
Consumer Financial Protection Bureau
Well worth a look imo

Many Banks have created Sites for the Public to use (For Free) to view and find Information about the Properties they have Listed for Sale
Sites Like..Bank of America...Wells Fargo

You can find links to Bank sites here...Link

The Fed Gov has Sites for its Properties for sale/Info on programs
HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link

Best of Luck
  • September 17 2013
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Deana,

There are numerous things you have to do on your end. I actually blogged about that on my site which you could find in my profile. However, use your resources. Understand what you're getting yourself into. Go to the library or search websites that informs you of the current market, mortgage, home buying programs etc. Attend local seminars for homeowners. There are mortgage costs, down payment and closing cost to think about, so do your homework.

I hope the blog will steer you in the right direction.
  • September 17 2013
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There are many steps involved with getting a home loan. In my opinion the first step is getting with a mortgage professional who you can have a comfort level with and will navigate you through the process. I can help. But you must be willing to roll up your sleeves and do the steps required to make this happen.
  • September 16 2013
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Profile picture for wetdawgs
Zillow has compiled a series of articles called "Buyer's Roadmap".  

You are very wise to spend time learning about the process before reaching out to contact professionals.    In addition to the link above, libraries have some good resources, the government's website has a section about buying a home (link).

The  more you know before getting involved directly in the process, the better questions you can ask and the happier you will be with the outcome.

  • September 16 2013
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Hi Deana. There are a number of things you want to start with.

First I would suggest getting a copy of your credit report and checking it to make sure everything is reporting accurately. You can go to freecreditreport.com and get a free copy from the three major credit bureaus.

I would take a long look at your finances and determine what is a comfortable monthly payment for you to make. Keep in mind that in addition to the monthly mortgage payment, taxes and insurance you will have other home ownership related expenses like water and maintenance. Do not allow yourself to be encouraged to go higher just because the lender says you qualify for more. Do what you are comfortable.

Get an idea of how much money you have available to put down on the purchase. Also loan programs like FHA will allow you to get a gift from family or assistance money from a non-profit organization to help with the down payment and closing costs. Research your local housing agencies to see if there is any type of grant money you might qualify for.

Then contact a mortgage lender to discuss what financing options will work best for your situation.

One other thing to consider is if you or a family member is handy, we have a special financing program available for FNMA owned REO properties which allows for a minimal down payment and doesn't require mortgage insurance. Often times these properties may need a little work but it is a really good financing program. You can see properties in your area by going to www.homepath.com

if you have any further questions please feel free to contact me.
  • September 16 2013
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Hello Deana, That is a great question. There is a lot you should know and I would be happy to send you a free report on what all first time home buyers should know. Feel free to contact me. Joshua Lerette - [Self-promoting content removed by Zillow moderator due to violation of Good Neighbor Policy.]
  • September 16 2013
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