Buying your first house is exciting and fun.
It can be a little daunting if you’ve never been through the process before though.

If you’re thinking of buying your first house, learning about the process before taking the first step can potentially save you lots of time and money. By understanding what takes place during a home purchase transaction, you’ll be in a much better position to take the step into home ownership.

STEP ONE

Do You Qualify As A First-Time Home Buyer?

Qualifying as a first-time home buyer opens the door to many different loan opportunities, including down payment assistance programs.

To qualify as a first-time home buyer, you or your spouse must not have owned a house, and lived in it as your primary residence, during the past 3 years.

So, if you’ve been renting, or living with Uncle Joe, for the past 3 years or more, congratulations, you qualify as a first-time home buyer.

STEP TWO

Evaluate Your Finances

Think of your finances as separated into 3 categories:

Savings – This is how much you will put towards buying the house

Income – Most loan companies need proof of two years of employment

Credit Score – 620 and higher

STEP THREE

Hire A Realtor

Why hire a Realtor?

A Realtor is there to bat for you. They negotiate on your behalf, have inside knowledge of real estate transactions and are there to fix any problems that may arise (and many do).

WORD OF WARNING; If you’re driving around and see a house you like, DON’T call the phone number on the For Sale sign in front of the house. That number belongs to the SELLERS REALTOR. They are NOT on your side. They will work in the best interest of the sellers, not yours.