Quite often when I get a call from someone who is in the market to buy their first home I am often asked" what is the usual process in getting started?" I think the first thing to do before you begin is taking a look at your personal budget and getting an idea of what would feel comfortable to you for a monthly payment. Getting yourself educated about what is out there for loan programs for 1st time homebuyers is not a must but is definitely a step you could take. NH Housing Finance Authority offers classes for the 1st time home buyer, check out their web site at nhhfa.org. REALTORS® and lenders can also provide you with information about different programs that are available. Getting a pre-approval of what you can afford is a necessary step so you can see what you would qualify for, but remember what you are told you qualify for may be greater than what you are comfortable with. A pre approval is when you connect with a loan officer who then will review your credit file and give you what he believes you can readily qualify for with one or more specific loan programs. A lender then will provide you with a pre-approval letter. This can be shown to the sellers listing agent when bidding on a property and demonstrates to them you are a ready and able buyer, strengthening your position in the process. It also assures you that you are looking in the correct price range. Next month I will continue the process with you. This really is a great market of opportunity for the 1st time home buyer. Prices have come down and have opened up opportunities for buyers who did not have that opportunity before. So get excited and get the process going to realize your dream of home ownership today.
Comments(1)