Buying your own house can be a daunting task, especially if you are a first home buyer. With many ups and downs along the way, the process can be lengthy, but the reward of perseverance is a place to call home. It is a significant milestone for many which can be achieved with the help of first home buyer program. This program caters specifically to first-time buyers who need assistance and proper guidance. You have come to the right place. By following the steps given below, you can make the process of homeownership easier.
Who Qualifies as a First Home Buyer?
First-time home buyers are those individuals who do not own a property or haven’t bought one for the last three years. In accordance with the standard set by the Internal Revenue Service (IRS), you can qualify for the first home buyer program if you haven’t owned a house in the last 2 years. The definition of first home buyer tends to vary but it doesn’t reduce the complexities of the task.
7 Step Guide to Homeownership with First Home Buyer Program:
Step 1: Assess Your Finances:
It is always a good idea to go over your finances before making any large purchase such as a house or buying a large property. You can easily open a savings account just to collect the down payment and closing costs related to the house. This ensures that you can undertake the mortgage process without any hiccups! You also need to review the following factors as well:
- Credit Score
- Credit History
- Credit Report
- Debt-to-Income (DTI) Ratio
Step 2: Find A Suitable Mortgage:
Once you have ample funding ready for your house, then you can find the right mortgage option that suits your unique financial situation. You can opt for Fixed Rate Mortgage or Adjustable-Rate Mortgage. Both of these mortgages offer different benefits.
Step 3: Get in Touch with a Reliable Mortgage Broker:
Finding a reliable and a good mortgage broker is like finding the guiding beam of a lighthouse in a tumultuous sea. They can guide you over rocky situations and safely navigate you through the changing landscape. With expert insights and years of experience, they can guide you with the first home buyer program. If you are planning on buying a house in Texas, then you can reach out to Dream Home Mortgage. They offer tailor-made programs such as first home buyer program and allows 3% to 3.5% down payment.
Step 4: Get Approved for the Mortgage:
Now that you have a good lender by your side, you can apply for approval letter. You should add the supporting documents such as pay stubs, W-2 forms, tax returns and bank statements.
Step 5: Visit the Location and Make an Offer:
As soon as your mortgage has been approved, you start looking at properties. You need to discuss your budget and requirements with your agent. If you like a house and it fits your budget, you need to make an offer immediately.
Step 6: Secure the Mortgage:
If the seller likes your offer and accepts it, you can move on to the next phase. Before moving in, you should ask for a home inspection. This allows you to work out any tweaks and issues that might arise later on. During the inspection, if issues such as mold or pipe leakage occur, you can negotiate the price with the seller and bring it down.
Step 7: Move to Your House:
Once you have paid all the closing costs, you can start packing your bags to move to your new house. To ensure that your house remains in good shape, you can get insurance to protect your house. On the closing day, you need to bring all updated financial documents along with the cashier’s cheque. Don’t forget to take a final walkthrough of the property to see if all things are in place.
Congratulations! With the help of first home buyer program, you have become a proud homeowner in the heart of America.
Where Can You Get More Information Regarding the First Home Buyer Program?
The road to homeownership is filled with many hurdles and piles of paperwork but with the help of first home buyer program you can make it easier. If you are looking for more information regarding this program then you can check out Dream Home Mortgage. Under the capable leadership of Mr. Hussein Panjwani, thousands of first home buyers have purchased their dream homes. So, go ahead and book a free 30-minute consultation session to gather further insights.