Guide To Buying Your First House (2024)

Lenders like to see that you will have some money left in the bank after closing to cover emergencies or immediate repairs. 3. Determine Your Budget

This comprehensive guide is designed to walk you through the entire home-buying journey, from your initial financial check-up to the day you receive the keys to your new front door. Phase 1: Financial Preparation guide to buying your first house

It is rare to find a perfect house within a starter-home budget. Distinguish between what you absolutely must have and what would simply be nice to have. Lenders like to see that you will have

Don't just go with your primary bank. Get quotes from multiple sources, including local banks, credit unions, and online brokers. Compare their loan estimates, looking closely at both the interest rates and the loan origination fees. 3. Understand Your Loan Options Phase 1: Financial Preparation It is rare to

Backed by the Federal Housing Administration, great for buyers with lower credit scores and smaller down payments (as low as 3.5%).

You will need to provide extensive paperwork to your lender, including: Tax returns and W-2s from the last two years Recent pay stubs Bank statements from the last few months Proof of any other assets or debts 2. Shop Around for Lenders

Granite countertops, a pool, a specific paint color, smart home upgrades. 3. Go House Hunting