Tip of the Month:
Tips For 1st Time Home Buyer
Having a realtor as a first-time home buyer is crucial because they possess expert knowledge of the local housing market, can guide you through the complex buying process, and negotiate on your behalf to ensure you get the best deal. Their experience and resources can help you find the right property, navigate potential pitfalls, and provide peace of mind throughout the entire home-buying journey.
Start Saving Early
The 3 main items you need to save for in purchasing a home is the down payment, closing cost, and moving-in expenses. Some of these will vary depending on type of loan.
Research 1st Time Home Buyer Assistance Programs
Many lenders offer different loan programs for first time home buyers. The 2 most common in the CSRA are Homeowner Assistance Program (Richmond County Only) and Georgia Dream Homeownership.
Choose A Lender
Have your realtor suggest a few, learn how much you can afford, and gather the proper documents. Clean up Credit if needed.
Get A Pre-Approval Letter
A mortgage pre-approval is a lender's offer to loan you a certain amount under specific terms. Having a pre-approval letter shows home sellers you are serious about buying.
Choose A Loan
Conventional most common and as little as 3% down.
FHA - Federal Housing Administration, as little as 3.5% down.
USDA - For Suburban and Rural home buyers, can be as little as no down payment.
VA - For military service members & veterans, usually no down payment
Find A Great Agent
Your relationship with your real estate agent is the foundation of the home buying process. Take your time, do research, and choose an agent who understands your needs and priorities as a first time home buyer.