What To Do Before You Buy A Home

  • Save for a down payment. The minimum down payment for an FHA loan is 3.5% of the property \ purchase price. This might be a pretty good chunk of money for many home buyers, but don't worry if you're not quite there, you can work on the rest of these steps while you save.

  • Review your credit history. The better your credit history (and the bigger your down payment) the more desirable your loan terms and interest rate will be. 
  • Improve your credit Pay your bills and pay them on time! If you tend to be forgetful or too busy when \ the first of the month rolls around, set up automatic monthly payments. 
  • Do not purchase any big-ticket items on credit. This includes vehicles, furniture, or even a vacation. II These personal loans increase your debt-to-income ratio which in turn will decrease your borrowing power. 
  • Shop around for a home loan now, before you begin to shop for a home. Many home buyers neglect 1 this primary step toward purchasing a home. 
  • Shop around for the best loan offer. Comparing loan offers will expose big differences in loan terms and costs.
  • Get a written preapproval. A preapproval letter sets you above other buyers in a competitive market. It 1 tells sellers you mean business, and you have the money to back up your offer. 
  • Find a real estate agent you are comfortable with. Buying a home is a huge deal. Selection is about / when, where and what price, and includes a big financial commitment. You need an expert at your side ty guide you through the process and help you make intelligent decisions. For more information about buying a home in today's market, tell your friends to call, text or email me: 
  • shersander@gmail.com

6 Tips to Avoid Common Homebuyer Mistakes

If you're ready to buy a home but don't have enough saved for a traditional 20% down payment, consider a Federal Housing Administration (FHA)-insured mortgage. An FHA-insured mortgage allows for down payments as low as 3.5% of the purchase price! However, the FHA has minimum property condition standards a property needs to meet to be eligible. Here are the main conditions a property needs to meet to qualify for an FHA-insured mortgage:

  • adequate air and water heating;
  • no frayed or exposed electrical wires; 
  • functional roofing which will last for at least two more years; 
  • pedestrian and vehicular access, including paved access for emergency vehicles; 
  • no significant structural damage;
  • bathrooms which include a toilet, shower and sink; and 
  • functional basic kitchen appliances.
  • No significant safety hazards, including: 
  • toxic waste; 
  • soil contamination; 
  • hazardous high-voltage wires or petroleum fines; 
  • radio or transmission towers; 
  • oil and gas wells; 
  • asbestos; and 
  • lead paint;
  • No nuisances, such as: 
  • airport noise; 
  • heavy traffic; and 
  • other excessive noise.

As long as your home is safe, secure and stable, the FHA will likely not require you to repair every minor defect in the property.  Need help finding a home that qualifies? Call me today! 

Almost 90% of buyers purchase their home through a real estate agent.
Only Sales Representatives who are licensed members of organized real estate (National Association of REALTORS for US and Canadian Real Estate Association in Canada) con call themselves REALTORS. Only REALTORS are held to a high code of ethical and professional conduct by these organizations. Only REALTORS have access to their market data to provide you with current information to guide you through the buying process. ​Have a REALTOR to protect your interest.

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