Many people believe you need a 20% down payment to buy a home. There are loans available that allow buyers to put down as little as 3% or 0% with a VA or USDA Loan.
Your credit score is a numeric representation of your history and ability to pay back debts in the past. Different home loans have different credit requirements.
Once you have a handle on your credit score and down payment savings, contact a local agent who can guide you through the process of buying your home.
Your agent will have a list of lenders that you can work with to get pre-approved for your mortgage loan. This will help keep you on budget during the next step!
Make a list of what you want vs. what you need in your next home. Your agent will use this list to find homes for you to tour.
Your agent will help you determine the best price to offer in the current market for the home. In a competitive market, you may net be the only one bidding and will want to stand out!
Once your offer is accepted, you will want to do a home inspection to ensure there are not any hidden issues with the home.
Your lender will arrange for a home appraisal to ensure that the property is worth the price that you have agreed to pay for it. The bank will only issue a loan for the appraised value.
Once your loan is approved, your lender will schedule a closing date. This is the day you sign all your paperwork to complete the purchase and get the keys to your home.
Congratulations! You are now the owner of the home! And time to move in. Your agent can give you some recommendations for moving companies. This is the beginning of your next phase in life. Enjoy!
Congratulations! You are a Home Owner beginning the next phase of your life.
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