This is Part 1 of the Las Vegas First Time Home Buyer’s Guide. You can read the rest of the series here. Buying a home for the first time can be overwhelming with all the tasks that need to be done from the beginning until the day you receive your keys. Hopefully I will help make it easy for you by breaking it down in a series. The first thing a buyer wants to do is make sure they are qualified to purchase a home. They want to explore all of their options on financing: VA, FHA, Conventional, Cash or Alternative Financing (Private Money, Owner Will Carry). The most popular option for first time buyers is FHA financing. The down payment is low (currently at 3.5%) and if they hire a savvy Las Vegas buyer’s agent that can get their closing costs paid, they are not really looking at coming up with a whole heck of a lot more out of pocket expenses with buying than renting a home. There are also Down Payment Assistance (DPA) options available to the first time buyer to help cover for closing costs, down payment or both. Of course you do need to qualify for these options just like you need to qualify for a loan! You also want to start saving up for your Earnest Money Deposit (EMD). Your EMD shows that you have good faith to purchase the property and if you back out for reasons outside of your “contingencies“, the seller may not release your EMD back to you. EMD is usually around 1% of the purchase price of the home. Next: Part 2: Interviewing Agents
Hey Renee, I am at the beach in La Jolla scrolling through posts by my favorite bloggers. This looks really good and will be an excellent 2-part series!
Russell: Actually a 6 part series (could be more in the end - who knows?!?!) I am JEALOUS you are in my favorite city but I appreciate the fact that you are on the beach reading lil ole me! Do me a favor and go catch a wave and write a blog about it :wink:
Renee, This looks like a series to bookmark. I would like to re-blogg but I haven't figured out how to disable the comments. If you let me know I'll re-blogg and get your message out here too.
Renee, great series. I wrote a contract today for a young couple, and they had been qualified and ready and willing to go forth. They really did their homework as firstime buyers.
Renee - I love part one of your guide for Las Vegas and Henderson NV first time buyer's, can't wait to read the rest.
Renee It takes a knowledgeable professional to write a buyer's guide - you certainly qualify in that regard - I look forward to all six parts
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