1st Time Home Buyer???
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Thinking About Buying Your First Home?
Are you a first time home buyer or have not owned a home in the last 3 years?
Keep these critical considerations in mind:
Are you financial qualified for what is probably the biggest investment of your life?
Buying the right home can be the wisest decision you've ever made but buying the wrong one can be one of the worst. Talk with a good mortgage broker like William Roseberry at WR Starkey Mortgage to get pre-qualified.
How long do you plan to live in the home?
The length of time that it will take to cover those costs depends on various economic factors in the area of the home. The Charlotte Real Estate market (2008) is experiencing an average of 1% to 3% appreciation per year. As such, you should plan to stay in your home at least 4 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true.
Are you ready to INSPECT your future home?
Its common for a first time home buyer to question the necessity of paying a few hundred dollars for a home inspection, particularly if they're buying new construction. A home inspection is ALWAYS a good idea!!! A few hundred dollars spent wisely on the largest investment of your life can literally save you from financial disaster if there's a hidden problem. Click here to see what the North Carolina Real Estate Commission says about home inspections.
Considering a Condo, Townhome or Row House?
Condos and townhomes offer some considerable advantanges for some buyers and yet are purposefully avoided by others. There are very valid reasons for both direction but most advocates enjoy them for their low maintenance and lifestyle. What type of community or subdivision are you best suited for? Do you want an HOA?
How long do you plan to live in the home?
The length of time that it will take to cover those costs depends on various economic factors in the area of the home. The Charlotte Real Estate market (2008) is experiencing an average of 1% to 3% appreciation per year. As such, you should plan to stay in your home at least 4 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true.
Your financial health - your credit and home affordability.
Is now the right time financially for you to buy a home? Do you have an earnest money deposit? Would you rate your financial picture as healthy? Is your credit good? Have do you optimize your credit score? While you can always find a lender to lend you money, solid lenders are more skeptical if your credit history is not good. Generally, the fewer blemishes on the credit report of first time buyers will make you a good credit risk and could qualify you for the lowest interest rates. If you have more than a couple of blemishes on your report, lenders may still provide you with a loan, but you may just have to pay a higher interest rate and fees.
As a first time home buyer you may also qualify for special programs and housing discounts such as a first time buyer Tax Credit, House Charlotte, NC Bond Program, NACA, and college affinity programs. Submit the below form and I’ll provide more details as well as information on additional alternatives such as some Down Payment Assistance (DPA) Programs.
To determine how much home you can afford, talk to a lender or go online and use a "home affordability" calculator. Good calculators will give you a range of what you may qualify for. Then call a lender. While some may say that the "28/36" rule applies, in today's home mortgage market, lenders are making loans customized to a particular person's situation. The "28/36" rule means that your monthly housing costs can't exceed 28 percent of your income and your total debt load can't exceed 36 percent of your total monthly income.
Current Renter???
As a first time buyer in today’s housing climate many homeowners may pay fees or penalties associated with breaking your lease or moving out of your current apartment early. I can work with you to secure these additional funds to help you buy your first home. If you have any questions please call for additional information.
Today is the best time to buy a house for sale in the last 10 years. If you are ready submit the below form to arrange a time we can discuss your options and discover all of the programs available for first time buyers, including custom homes, new construction homes and resale homes.
Make no mistake about it... For the vast majority of buyers, seasoned or not, buying a home is the single largest investment they will ever make. As a first time home buyer you would be wise to "measure twice and cut once". Listen to those trusted sources around you like your family and friends and ask a lot of questions. Also, feel free to submit questions using the form at the bottom of this page or click here to email me.
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