There are many resources for first-time homebuyers, and NewHomeSource has researched several of them for you. Before contacting one, though, you should make sure that the lender will accept the funds you receive. It’s best to know your credit score before making an offer on a house, so that you can negotiate the price accordingly. You can also raise your credit score by paying off debt. Once you have a higher credit score, it’s easier to qualify for a low-interest loan.
Another important resource for first-time homebuyers is a down payment education class. These classes are free, and you can get a certificate that verifies your eligibility for a forgivable loan up to $100,000. The certificate will last for six months and can be presented to a participating lender or a reputable real estate professional when you are ready to buy a home. You can also use a down payment assistance program to pay for closing costs, which is another great resource.
A third resource for first-time homebuyers is a real estate agent. A real estate agent has access to countless resources to help you buy a home. Using a professional realtor is a great idea, as they’re trained to help buyers understand the process and make informed decisions. It’s also important to remember that buying a house is a big investment, and the last thing you need is to lose your money on an inferior property.
Once you’ve identified your budget, you can begin the home buying process. You can enroll in pre-purchase counseling and homebuyer education seminars to learn about available programs. You can also apply for a down payment assistance loan through a participating lender. If you meet the criteria, you’ll receive a certificate that verifies your eligibility for a forgivable loan of up to $100,000. You can then use this certificate to get pre-approved for a mortgage or to find an affordable home.
Choosing a real estate broker is a big decision. While the best way to select a good real estate agent is to speak with a friend who recently purchased a home. A real estate broker‘s reputation will help you to negotiate with your future seller. While conventional wisdom advises that you start your offer at 5 percent under the asking price, a seller will be more likely to accept a lower price in an increasingly competitive market.
A real estate agent can help you decide which broker to choose. It’s important to find a real estate agent with a proven track record of working with buyers. You should also ask friends and family who have recently bought and sold a home to get their input. This will give you a good idea of who to avoid. In addition to talking with friends and family, consider the legal requirements and other factors of buying a home.