Buying a home that fulfills all expectations, is quite a challenging task and one needs to put in time and energy, research at length the available options, the processes, identify the seller and the right lender.
Make A Budget
Figuring out your affordability is crucial. Since you have to keep shelling out money at every stage, right from locating a property to paying upfront if any and then till the time you finally get possession, jotting down the numbers will help find the means to raise funds.
Know what you are looking for from your home
Getting a home that suits your lifestyle and the interests of your family are very important. See if the property you have identified has good neighborhood and gives access to the workplace, educational institutions, and healthcare centers.
Study & Compare options
Stiff competition in the market may throw up interesting options in terms of price, construction, loans and payment terms. Buying a home that might command good resale value than buying one that will have no takers will make sense.
Home Inspection Certificate
On the face of it, you may not find any flaws in the home you intend to buy. But getting an expert professional to thoroughly inspect the property will help ensure construction quality, safety and cost worthiness of the same. Negotiate with the seller on repairs and even the price of the property.
A longer than expected completion time could result in budget over-run. In case of a new home, it makes sense to go in for a builder with a good track record.
Choose your lender
It is very important to have an insight into how much a lender will give you for buying your first home. While FHA Loans require low down payments and involve low closing costs, getting a fair idea of various programs that are available from non-government agencies like Fannie Mae and Freddie Mac will help, as there is always a likelihood of borrowing at still lower costs and spending less right through the tenure of the loan.
Since these entities adhere to the guidelines of the US Federal Housing Agency, one need not worry about the genuineness of the programs. Also find out if you qualify for a VA loan, where there is no down payment and private mortgage insurance.
Remember, there are not just loan assistance programs, all the states in the U.S. have programs for first
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