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.
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.