A Series for the First Time Homebuyer - Nashville Style! STEP ONE: Find a LENDER!
So you have decided that you want to take advantage of the First Time Home Buyer's $8000 Tax Credit?!! This may be a great idea for you because in Middle Tennessee, you have got LOTS of homes to choose from! Your dream of homeownership may soon become reality!
If you have never bought a home before (believe it or not, a "first time home buyer" just means that you have not owned a home in the past three years), the idea of it might be a little bit daunting. This series that I am putting together strives to help clarify the steps that will lead you into your new front door!
This blog is STEP ONE in the series.
If you are going to buy a house in the greater Nashville area and you have CASH, please skip on to the next post!
If you do not have cash and are looking to obtain a mortgage (like most of us), then continue reading!
The FIRST STEP to homeownership is...
FIND A LENDER!!!
That's right - don't start looking online at houses until you know exactly how much you qualify for. Determining the amount that you will be able to spend will be largely based on your credit score. If you have never run across the infamous credit score, then this will be a learning experience for you. You will now have a real motivation for paying bills on time and keeping your debt to income ratio low! Oh, and if you don't have 20% cash for a downpayment, then be prepared for PMI!
Once you select a lender that you like and feel that you can work with, then go ahead and fill out the application to determine how much of a home you may qualify for.
Please do not feel bad if you do not qualify for a home at this time... there is no way to know unless you ask and if you don't qualify now, then ask the lender for some steps you can take to be able to qualify. I have worked with some clients who changed their situation in as little as six months time!
Also, if you do qualify for a home, but think that the price range is too low to find something you really like and feel you can afford, THINK AGAIN. Okay, you may not get your dream home just yet, but you have to start somewhere and "moving up" takes time and a little thing called EQUITY, which can be built up in your starter home!
I usually recommend that you think VERY SERIOUSLY about what you can afford according to you - for example, if you think you can afford $800/month for housing but could possibly stretch up to $1000/month, try to stay as much on the $800/month side as possible! Less stress in the long run financially!
Okay, so here are a few Lenders that I have worked with and find to be very honest, knowledgeable and professional:
If you are interested in selling or finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.
Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753