As a first-time home buyer, you want to buy a house that meets your lifestyle and your budget. In addition, you want to consider the current housing market. To find the right house for you, find a real estate agent to help you choose the best location and features. Buyer’s agents are typically free and are invaluable resources to a first-time buyer. In addition, they can help you prepare for the mortgage process. Read on for some tips and tricks for buying your new house.
While conventional mortgages can be challenging to obtain, you may qualify for a down payment assistance program. Banks such as Bank of America have programs that can help you reduce the amount of money you need for the down payment. For example, their Community Homeowner Commitment program offers $10,000 toward your down payment and $7,500 toward closing costs. Also, check with your mortgage provider about first-time home buyer programs and grants. To learn more, you can check out the National Council of State Housing Agencies (NCSHA) and HUD for details on these programs.
If you’re buying a home with a co-borrower, make sure your income is secure. It’s also important to know if your co-borrower’s income is increasing. If your income is rising, consider whether it will increase in the future. If you’re not sure, make sure you’ve set aside at least three to six months of expenses. It’s important to make sure you’re debt-free and have an emergency fund for unexpected costs.