First Time Home Buyer

Create a Brighter Future

Are you ready to begin living the American Dream - a Home of Your Own? Ready to stop paying your landlord's mortgage?
 
One of the biggest road blocks is the idea that you cannot get a mortgage. Maybe you can't - but, what if you could? As a REALTOR we cannot decide that - but we work with mortgage folks that look at ways to help you. If you don't qualify now, maybe we look at how to get you there in the shortest possible time. If you can be qualified - the journey to being a Home Owner is about to begin. Call me - let's begin.

How Do I Know If I am Doing The Right Thing Right Now?

It's the first time for everybody - once. Let us help you.

If this is your first time buying a home, just call and request "first time buyer coaching". You will receive specialized services and explanations for the new buyer. We will get you in touch with mortgage professionals who know how to get things done!
 
Maybe you have actually done this before? Did you know that some programs classify anyone who has not owned a home in the last 3 years as a first time buyer. Things change often - but it is a consideration that should not be overlooked! 
5 Common First-Time Home Buyer Mistakes
 
  1. They don’t ask enough questions of their lender and end up missing out on the best deal.
  2. They don’t act quickly enough to make a decision and someone else buys the house.
  3. They don’t find the right agent who’s willing to help them through the homebuying process.
  4. They don’t do enough to make their offer look appealing to a seller.
  5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.
Source: Real Estate Checklists and Systems, www.realestatechecklists.com.

10 Ways to Prepare for Homeownership

 
  1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
  2. Develop your home wish list. Then, prioritize the features on your list.
  3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
  4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
  5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
  6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
  7. Get pre-approved. Organize all the documentation a lender will need to pre-approve you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
  8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
  9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.

  
 
Some Resources for the First Time Home Buyer 
(The programs and links may change from time to time - if there is a broken link, please let us know)
 
San Antonio Homeownership Incentive Program (HIP)
 
TDHCA Texas First Time Homebuyer Program
 
San Antonio Neighborhood Stabilization Program

Texas State Affordable Housing Corporation Program