Maybe it’s because I have been helping people buy and sell their homes for sometime now, but once you have these tips your will discover that buying your first home is not so bad or scary as it may seem.

Honestly the hardest part in buying your first home is getting qualified for a home loan and picking out the wall colors. Just kidding. But getting qualified is a tough one. The banks these days want more and more information, they approve a lot less, and they take a lot longer. Sorry, I don’t mean to scare you off, just want to make aware of what’s going on.

This doesn’t mean that they aren’t making loans. That’s not true, they are. They have to to stay in business. To meet stock holder expectations. They are just being a little tighter on their loan qualifications than in recent past.

Buying your first home first begins with discovering what you want & need in a home. How many beds, how many baths, garages spaces, 2 story or bungalow, general area of town, and school system if necessary?

Next, you want to take a peek at your finances. The two most important numbers are how much do you have to put down and how much can you comfortably afford per month. Look for a payment that is less than 1/3 of your gross family income for the month.

Now you can pull your credit and see what’s on there that a bank wouldn’t like. Look for to many open revolving credit accounts, high debt to income ratio, or low credit score. Don’t fret to much about this because there are some really honest, but great credit repair specialist that can get this cleaned up for you. You can also always look for a owner who will finance the property.

Now that you know what you want and what you can purchase financially you can start to look for your home. There are two major methods in doing this. You can start buy looking for a for sale by owner or you can go to a Realtor and have them represent you as a buyer’s agent.

Personally, I believe that you will find the best deals and easier options of buying your first home by going with a for sale by owner. You can start by looking through fsbo web sites and the local newspaper or by going to our homepage here.

This will generally take a little more work on your part because you have to search for properties yourself, but generally the reward is better, especially if you find an investor that can help you buy a home with owner financing, a sweat equity program, or through an fsbo auction. These are where the best deals are.

Once you find the home that you want you just need to make an offer. If you are making an offer on a property that you found with a investor, Realtor, or on a fsbo site, then they will have all of the necessary paper work that you need to fill out. Just pay attention to how much down, earnest money deposit amount, when you are expected to close by, and how much the offer is for.

You should get an inspection done before you close. If you are getting loan to buy the property they will require it anyhow. You should also close at a title company or with an attorney. What ever is customary in your state.

I won’t go through the process of getting a loan because it’s different with every bank. The general steps are apply for getting pre-qualified, find a house and make an offer, turn in the accepted contract and tell them that you want to get a loan to buy that house. They will tell then all of the other information that they need from you to get you qualified and get the loan closed.

You see, it’s not’s so bad. Buying your first home is just a few simple steps. If you are getting a loan it may take 45-90 days to close just so that you are aware.

To your success,

Kenney
http://buydfwauctionhomes.com

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