🏡 Advice for First-Time Home Buyers 🗝️

Hello Hampton Roads,

I'm calling out all the first time buyers out there  and would be first time home buyers to offer up some sage advice which may help you in your home buying journey!  First, buying a home is not for everyone and that's ok.  You really need to analyze your situation and see if it makes better sense to own or rent and if you need help figuring out the pros and cons feel free to contact me and we can talk it over.   For those of you that have decided that buying makes sense, there are 4 key things that I have noticed every successful home buyer does. Let's dive into it!

1. Credit Score: Your Financial Passport

Successful home buyers have good credit. What's good credit? 700's scores and up.  Think of your credit score as your financial passport that can help with all kinds of financing, not just buying a house.  A good credit score is crucial for securing favorable mortgage terms which is especially important in a high rate environment like we are in now. Lenders typically look for a minimum score of 620 and this is the minimum for most of the loan programs out there but higher scores can open the door for more options. While you can get a loan with a lower score, that typically means jumping through more hoops and requiring a larger down payment. 

2. Explore First Time Buyer Programs and Grants

Successful home buyers do their research! Buying a home is usually the largest expense a person makes so it makes sense to see if there are ways to make it more affordable.  If you've every been to one of my first time buyer webinars you've probably heard me say that not taking advantage of these programs is like throwing money out the window!  Virginia offers several programs to assist first-time homebuyers and even repeat buyers. For instance, the Virginia has programs that offer low down payment or no down payment options to qualified buyers as well as some closing costs assistance.  https://www.1sttimehomebuyergrants.com/

3. Keep to a Budget

This point goes hand in hand with having good credit.  Successful home buyers know what they can afford and stick to it.  Just because you're approved for a certain loan amount doesn't mean you should borrow the maximum. Make sure you are comfortable with the payments and before you make any offers have your lender run the numbers so you can see exactly what your mortgage payment will be along with your out of pocket closing costs.  Buying a home is exciting but if you spend all your disposable income on housing, your home no longer serves you and you end up being a slave to payments. 

4. Location, Location, Location

Successful home buyers make smart choices.  If you have the choice to buy a modest home in a nice neighborhood or the best looking home in a so-so area, choose the better area.  Investing in a home in a reputable neighborhood, even if it's the least expensive one there, can lead to better appreciation and quality of life. Remember it's important to not only think of the present but you should also keep an eye out on the future. You never know what life may bring and eventually you may want to sell your home and better areas tend to have better re-sale value.

If you are thinking of buying a home in the next few months to a year, let's discuss your homeownership journey. Schedule a consultation with me here:  https://calendly.com/liz-schuyler

Thanks for Reading,

About Liz
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