A first time home buyer down payment is one of the big hurdles for folks just starting out on the home buying journey. It can stop some people from even going any further because they feel like they could never save up enough to make a down payment. Many still think that they need a 20% down payment on a home to get approved for a mortgage, even though the median down payment is much lower than that. If you are a first-time homebuyer, you may have a lot of questions. Here are some answers.
The average down payment on a house in the United States used to be a straight-up 20 percent. But that doesn’t really work for a lot of people anymore. With the price of homes today, a 20 percent down payment puts buying a home out of reach, especially for first-time home buyers. Lenders have become more flexible and there are even some programs that feature no down payments if you qualify. Before you throw up your hands and think you’ll never be able to afford to buy a home, let’s take a look at the changing landscape of down payments.
Homeownership is the goal for many of us. There is the nuts-and-bolts side of the journey which involves finances, the mortgage loan (and all that goes with it), and the actual work of operating a household. There is also the personal development side that requires careful planning, diligence, and a willingness to learn. Let’s explore the essential steps to prepare for first time home ownership, the buying process itself, and the ongoing work required to maintain a home and budget.
If you are a military first time home buyer, it can be difficult to know where to begin. Should you start searching online listings, or call a real estate agent, or start watching HGTV or investigate mortgage options? The good news is: you don’t have to know everything about this entire process, and some of the resources
The tax benefits of owning a home can be a tipping point for you if you are on the edge of deciding to begin hunting for a new home. If you are a first time home buyer, some of these deductions and tax credits will surprise you. If you are a long-time homeowner, you know that a new home mortgage can help you with your tax burden for years. And if you’re a seller, there’s something in the tax laws for you too. Here we cover two main tax benefits of owning a home: tax credits and tax deductions.
A new home budget can be sobering. You’re in your new house, you went through all the financial anxiety of getting approved for a loan, making offers, making counter-offers and sitting through the final closing. Now that you’ve got your new home, the reality of creating a new monthly household budget is setting in. Don’t panic. You certainly have some new expenses, and if this is your first home, a lot of expenses will be totally new. Don’t let them intimidate you. We can help.
If you are moving into a new house, the last thing you need is a list of home maintenance tips for new homeowners. You’re tired, you’re overwhelmed, you’re excited and you’re tired. Yes, we said that twice. Nevertheless, there’s more to a new house than just moving all your stuff into it. So a few days after you move in, pick up this new home maintenance checklist and look it over. It could save you some money and expensive repairs down the line.
If you are a first time VA home buyer, you’re in luck. In terms of government programs that will help military service members, the VA Loan is both one of the most popular and the most helpful. The list of benefits over conventional loans is considerable. Of course, the eligibility requirements can be lengthy too, but in general, you can qualify if you are an active-duty military professional, a veteran or a surviving spouse of a military service member.
You’ve secured a loan and found the home of your dreams. Now it’s time to get ready for the next edge-of-your-seat moment in the home buying process: closing. The big question is: How long does it take to close on a house?
It’s easy to get overloaded with information when entering the real estate market, especially if you are a first responder first time home buyer. You are probably very good at handling stress, because that’s part of your job. But the stress that comes from diving into the housing market for the first time is a different brand altogether. It involves loan applications, reams of paperwork, negotiating skills, a basic financial understanding of how loans work and more. None of this is intuitive. Very little of it calls on the skills you use to be successful first responders. So, let’s take a step back for a minute.