Buying your first home is exciting
and terrifying at the same time!<\/p>\n\n\n\n
Here is everything you need to know:<\/p>\n\n\n\n
STEP 1 \u2014 CHECK IF YOU ARE READY:
Financial checklist:
✅ Emergency fund = 3-6 months expenses
✅ Down payment saved (3-20%)
✅ Credit score 620+ (700+ preferred)
✅ Debt to income ratio under 43%
✅ Stable job for 2+ years<\/p>\n\n\n\n
STEP 2 \u2014 SAVE YOUR DOWN PAYMENT:
Conventional loan: 5-20% down
FHA loan: 3.5% down (credit score 580+)
VA loan: 0% down (veterans only) ✅
USDA loan: 0% down (rural areas) ✅<\/p>\n\n\n\n
On $350,000 home:
20% down = $70,000
5% down = $17,500
3.5% down = $12,250<\/p>\n\n\n\n
STEP 3 \u2014 GET PRE APPROVED:
\u2192 Contact 3-4 different lenders
\u2192 Compare interest rates
\u2192 Get pre approval letter
\u2192 This shows sellers you are serious<\/p>\n\n\n\n
STEP 4 \u2014 FIND YOUR HOME:
\u2192 Use Zillow or Realtor.com
\u2192 Get a buyer’s agent (FREE for you!)
\u2192 Visit 10-20 homes minimum
\u2192 Never fall in love with first house<\/p>\n\n\n\n
STEP 5 \u2014 MAKE AN OFFER:
\u2192 Research comparable sales
\u2192 Start below asking price
\u2192 Add inspection contingency always!
\u2192 Negotiate closing costs<\/p>\n\n\n\n
HIDDEN COSTS FIRST TIMERS MISS:
\u2192 Closing costs: 2-5% of loan
\u2192 Home inspection: $300-500
\u2192 Moving costs: $500-2,000
\u2192 Immediate repairs
\u2192 HOA fees if applicable
\u2192 Property taxes<\/p>\n\n\n\n
On $350,000 home budget for:
\u2192 Closing costs: $7,000-17,500
\u2192 Emergency repairs: $5,000-10,000<\/p>\n\n\n\n
PROGRAMS FOR FIRST TIME BUYERS:
\u2192 FHA loans (low down payment)
\u2192 State first time buyer programs
\u2192 Down payment assistance grants
\u2192 Check HUD.gov for your state!<\/p>\n\n\n\n
Take your time \u2014 this is the biggest
purchase of your life! 🏠<\/p>\n","protected":false},"excerpt":{"rendered":"
Buying your first home is excitingand terrifying at the same time! Here is everything you need to know: STEP 1 \u2014 CHECK IF YOU ARE READY:Financial checklist:✅ Emergency fund = 3-6 months expenses✅ Down payment saved (3-20%)✅ Credit score 620+ (700+ preferred)✅ Debt to income ratio under 43%✅ Stable job for 2+ years STEP 2 … <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-120","post","type-post","status-publish","format-standard","hentry","category-mortgage-home-buying","grid-sizer"],"_links":{"self":[{"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/posts\/120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=120"}],"version-history":[{"count":1,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/posts\/120\/revisions"}],"predecessor-version":[{"id":121,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=\/wp\/v2\/posts\/120\/revisions\/121"}],"wp:attachment":[{"href":"https:\/\/getrichunder30.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/getrichunder30.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}