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how does first time buying work

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January 14 - Valley View
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I would suggest finding a local Realtor that works with buyers.  We can walk you through every facet of the property transaction.  In addition, utilize calculators to see what your monthly budget is if home ownership is feasible at the present time.  Also, if ready to proceed, speak with a lender.  They can help you with the prequalification process and when all is completed, provide with an idea of how much home you can afford.   Please let me know if I may be of assistance with your property search. 
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February 23
The head office will send an unmanned aircraft to your current residence to examine your habits, then determine what type of property you are best suited for: single family, condo, townhouse, two flat/duplex, yurt, or life long renter.

Then you will be required to watch 75 hours of a home buying reality show (California and Minnesota require 85 hours).

If you qualify, a chipper character in a dandy vehicle will whisk you away to find your dream home.

Or, just follow the poster's advice about finding a realtor who specializes in first time home buyers. Not many agents have the patience to deal with people new to the real estate market, an endeavor that understandably causes large amounts of anxiety. Find the right buyer's agent, and the rest is like watching a movie.
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January 17
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The library is a wonderful resource. Go there and do your research before going back online.  As a buyer your objective is to buy well. Learning the in and outs of the process from both lending and the transaction sides will greatly reduce your chances of being the victim of a scam or overpaying as a result of common sales tactics.
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January 17
The very first thing I always recommend is to look for a Realtor who specializes in working with first time homebuyers.  Since it will be your first time going through the process, you need an agent who will be patient with you, who will take the time to explain the process thoroughly and answer any questions you may have.  (There is no such thing as a dumb question when you are buying your first home!)  It is very important that you get preapproved for a mortgage before going out looking at homes.  You should talk in detail with a loan officer who will explain the costs associated with a loan, the different types of mortgages available, what you will need for a down payment and what you can afford and feel comfortable paying on a monthly basis.  Congratulations on your decision to purchase your first home!
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January 17
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This isn't a necessity, but getting pre-approved before you buy anything is something you should seriously consider and do. Whether you are buying for your first time or 10th time, waiting and getting pre-approved before hand is very important. Like I said it's not something that MUST be done before you start looking, but you could be looking at the house of your dreams and then realized that you can't afford it and that can be draining. Or vice-versa, you may settle on a house to only learn you could've afforded one you liked more. There are many problems that can be eliminated by getting pre-approved first.
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January 17
It is great that you plan to start the home buying process! The next step is to speak with a lender that best fits your situation. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan.

1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages)

2) Credit Report which they will pull

3) Employment History or Business Tax Returns if you're Self Employed

4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have.

These are just a few things you should have ready when you begin your buying process. Although a pre-approval is not necessary before you speak with a realtor and look for houses, it helps. Having a pre-approval allows you to start making serious offers on houses that you are interested in. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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January 15
Hi Scrappy,

The is no actual program for first time buyers, but there are assistance programs to help with your down payment. There is a class you have to go to and several hoops to jump through, but it's worth it if you need the help. If you click on my name above, you can see I have experience with assistance programs by reading my reviews. Let me know if you need any help.
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January 15
Purchasing home works the same way as buying a second or third as wetdawgs stated, there are programs geared up for 1st time home buyers that will assist with down payment assistance  in some cities and counties- those programs  do have income limit and eligibility requirements.

  I would suggest to talk to a local agent in your area, who can guide you and hellp you on any programs that your county may offer, that's only if you are interested in those programs.  You can also find an agent on zillow under find a pro. 

You will need to also speak to a lender who can qualify you and go over the different loan terms and  programs . 

Best wishes!
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January 15
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First time buying works basically the same as buying a second or third time.  

Here's a link to Zillow buyer's road map
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January 14
 
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