Tips and Advice

The Essential First Time Home Buyer Checklist

Homeownership is still a dream come true for young families, couples and singles and growing in popularity as rental rates continue to increase. But it’s a big first step – buying your first new home, especially amidst the changing times in our economy and housing market.

To get ahead of the game, a first-time home buyer must have a strategy. To help you, here are some essential first-time home buyer check list items to consider:

Know your Credit Score

Buying a house requires a good credit score. The higher your credit rating, the better interest rate you'll receive. Credit reporting agencies are required to provide free annual credit reports to consumers.

Review your reports for accuracy—dispute information you don't recognize. Work with creditors reporting delinquent payments or charge-offs. he more negative information you can remove, the better your chances of qualifying for a home loan.

Research First-Time Home Buyer Programs

There are many first-time home buyer programs out there that will teach the step-by-step process of buying a home; locate programs for down payments and event credit clean up.

These are typically offered by local municipalities and community organizations. For example, the down payment assistance programs receive funding from the Department of Housing and Urban Development (HUD).

Courses teach you how to create a budget, improve your credit score and much more. Courses can last a day or span several weeks. At completion, participants some programs provide a voucher to receive down payment assistance.

The Federal Housing Administration (FHA) backs the home loans to participants who complete the program. The grants are forgivable if the buyer remains in the home for a set amount of years.

Determine How Much Money You Can Borrow

When buying a house, the monthly mortgage almost always includes principal, interest, homeowners' insurance, and property taxes.

Housing costs shouldn't exceed thirty percent of your monthly income. The bigger your down payment, the less your monthly mortgage will cost you. Shopping for the best interest rate will also affect how much money you can borrow. Reach out to a mortgage lender to get pre-qualified and know what you can afford. At Conner Homes, we work with three solid lenders, Caliber Home Loans, Homebridge, and Wells Fargo. You can reach out to them directly here: https://www.connerhomes.com/financing

Choose a Good Realtor / Broker

A good realtor will consider everything you have on your checklist for buying a home. They will do their best to match your neighborhood, square footage, bedrooms, etc., on your must-have list. Although you don’t need a broker to purchase a new construction Conner home, almost 75% of our homes are sold with the help of our realtor partners. https://www.connerhomes.com/brokers

Let's Go House Shopping!

A home buyer checklist is a great tool when learning how to buy a home. You also want to weigh the costs of buying an existing house vs. a new construction home. If you're thinking about a new construction home, Conner Homes is a local company who has been building great homes and communities in the Pacific Northwest area for over 60 years. We'd love to help you find your home.