If you’ve located this article because you’re planning to purchase your first home, you’re about to experience one of the most exciting times of your life! While it can be a bit stressful for first time home buyers, we can offer some tips that will help you feel more confident in your choices. Let’s take a closer look at what it takes to become a home owner.
💯 What Credit Score Should I Have to Buy a House?
Most traditional mortgage lenders will require a credit score of at least 620 to be approved for a loan. However, there are other loans, such as those backed by the FHA or VA that may accept a lower credit score. If you have a lower credit score, you may be required to pay a higher interest rate. So, how do you know if you need a bit of credit repair before applying for a loan?
You’ll want to order a copy of your credit report from TransUnion, Equifax, and Experian. Fortunately, you can get these copies for free each year due to the Fair Credit Reporting Act. Be sure to use the official Annual Credit Report website. It’s best to receive copies from all three agencies to compare information. You may find that not all reports have the same accounts listed. Check reports for errors and delinquent accounts. Report errors right away because these could take some time to resolve. If you have delinquent account, make a plan to clear up these debts and improve your credit score.
🙋♂️ How to Find a Real Estate Agent to Buy a Home?
You’ve come to the right place for finding a real estate agent who genuinely cares about your experience and is happy to listen to your needs. Our goal is to help you find the home that makes your heart sing.
We suggest that you sign up for a free account that allows you to save searches for criteria that you find important when searching for homes. These search options can save you time and give you an edge over other buyers in the area. You’ll receive email alerts whenever a new home comes on the market that meets your criteria.
✔️ Why is Mortgage Pre-Approval Important?
To clarify, there is a difference between a mortgage pre-qualification and a mortgage pre-approval. A pre-qualification is a general idea of how much you may be able to borrow to purchase a home. A pre-approval is a solid verification that you qualify for a loan and gives you a specific amount that you may borrow for the property.
A pre-approval can save you valuable time when it comes to property searches. The most disappointing thing that can happen to a first time home buyer is to locate a home that checks all the boxes on your wish list only to find that it’s way outside of your price range. When you have a pre-approval, you know exactly which price range to target.
A pre-approval can also be beneficial when you’re making an offer on a house. In some cases, you’ll come up against competition for a house. Your pre-approval letter lets the seller know that you are serious about buying the house and that you have the ability to follow through to complete the sale. This commitment may give you the advantage over a buyer who doesn’t have that pre-approval.
📝 Should I Create a Wish List for Buying a House?
You’ve probably spent hours daydreaming about the perfect house. While we hope that you get everything you want in a house, there are times when compromise is required. This is where a wish list comes in handy.
Start by listing everything you want in a house. Next, read back over your list and mark those items which are a priority. Make a mark beside those items that you are not willing to compromise over when it comes down to the final choice of a home. Use this list to keep your focus. Share this list with us, so we can help you narrow down homes to show the ones that most closely match your criteria.
💰 How Do I Place an Offer on a House for Sale?
Your real estate agent acts on your behalf when it comes to delivering offers and receiving responses. So, you won’t have to worry about that step in the home buying process. We’ll even help you write an offer that catches the attention of the seller and makes sense when your budget and real estate goals are considered.
Useful Information on State First Time Buyer Programs
For First Time Home Buyer Programs in Florida:
For First Time Home Buyer Programs in Georgia: