Buying Your First Home – A Guide for First Time Home Buyers


Purchasing your first house can seem like a daunting task. There are a lot of considerations when buying your first home: Financing, Mortgage Rates, Down Payments & even Finding your Dream Home itself can be overwhelming for a first time home buyer.

The Team at Roros Real Estate Services hopes that the following information can help you eliminate these hurdles so you can become a home owner.

Common First Time Home Buyer Mistakes

  • Finding a Home First

    The first step to purchasing your first home is to accurately figure out How Much Can You Afford?

  • Cost of a Home is More Than a Mortgage Payment

    Owning a home includes numerous other predictable expenses including Taxes, Maintenance, Water, Electric, Insurance & More!

  • Using Entire Savings on Down Payment

    There are expected & unexpected costs of Buying a Home. Its never a good idea to have no savings during this process.

  • Getting Secondary Loans Before Closing is Complete

    Your Mortgage Lender will likely run a credit check just before finalizing a sale. Its not recommended to obtain any other credit modifying loans.

How Much Can I Afford?

One of the most important questions you have to figure out is: How Much Can You Afford? This is one of the first questions you, as a home buyer, have to figure out.

Our Team works closely with our Loan Partners at Loan Depot. They do great work for our clients and encourage you to contact them to figure out your ideal loan amount.

Down Payment Amount

The Downpayment amount can be either required or recommended. Depending on who you receive a Loan from you'll have benefits to paying the minimum, or a particular percentage of the loan amount.

If your lender is insured by the Federal Housing Administration then you're required to put down 3.5% of the purchase price.

Depending on your credit score, the type of property, and sometimes the reason for buying, your down payment percentage can be anywhere between 5% and 20%. 

NYS, NYC & HUD Programs Information

There are programs for first time home buyers. These programs are run by New York State, New York City & the Department of Housing & Urban Development.

We hope that you have found this information valuable and that it helps you find the home of your dreams. If you have any additional questions then simply contact us directly and we'll be more than happy to help you!

We're Looking Forward to Hearing From You!