12-19-2012 08:02 AM
Good question. Start by reaching out to a couple of lenders for pre-qualification/ pre-approval. They will give you a sense of what to expect and help you to refine your options.
Are there any privileges to being a first time home buyer?
Well no, but it won't be held against you either. As a first time homebuyer the lender will not be able to establish a pattern of making your making your mortgage payment on time and cannot then take that into consideration as an indicator for future repayment but they will not hold the lack of mortgage payment history against you either.
Contact a lender now even if you may not be interested in purchasing a home right away. You'll get a chance to get a comprehensive view of the process and how you qualify and you can take that into consideration as you evaluate your options.
Best of luck,
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12-20-2012 04:20 PM
sometimes there are programs to help first time homebuyers. It can't hurt to check. Also some cities have programs to help certain persons depending on occupations( teachers police or firemen etc) buy homes in their community
12-21-2012 07:13 AM
One advantage you may have is that you do not have a home to sell. This can potentially be a large advantage over other potential buyers, I know it was for me as I could close within 30 days.
Also, find an Agent who is comfortable with working with you knowing it is your first time buying, so he/she does not plan on show you 10 houses and expecting you to pick.
01-21-2013 01:20 PM
There actually can be benefits to being a first time homebuyer. I teach a first time buyer class at the University center up here in Lake county and there are a numnber of programs available to first time homebuyers that offer some down payment assistance to first time homebuyers of up to $8000 in some areas and around $4500 in all of Lake county. Other counties may have first time buyer programs as well. Your agent can help you find access to these programs. If you need some help in finding programs like this, drop me an email or call and I will be happy to help.
01-25-2013 10:18 PM
being a first time buyer may be quie a feat. I still remember the first time i bought my house, I quite don't know where to start, good thing I met people who helped me and things went on smoothly..
01-25-2013 10:38 PM
I too will be a first time home buyer and I'm currently looking in the Kane County area. I know there are some programs out there that offer down payment assistance that I would like to know more about, but not sure how to go about looking into them.
I have my mother living with me, who is 65 and collects SSD. I was told I could get a freeze on the taxes for the property that I purchase, but I don't know how to go about that either. Would you happen to know who I should be speaking to or who to contact regarding down payment assistance and a tax freeze? If I would be able to qualify for anything else you might be aware of, I would love to hear about it.
01-31-2013 12:09 AM - last edited on 01-31-2013 05:19 AM by GabeV
you should first look for local broker and agent dealing with real estate market.
he will guide you the way you need property in under your budget. I too had done the same thing
02-08-2013 02:00 AM
Buying a new house can be an exciting adventure, whether it is your first home or a new investment property. There are a few considerations to take into account when buying a new house which can make the process easier and more enjoyable for you, especially if you are a first time home buyer. Whether you are searching for a home for the rest of your life, or for a quick investment property, there are basic rules of thumb to abide by.
2. Situation Factors
3. Check out the neighborhood
4. Size and Floor Plan
5. If you'll be needing the assistance of a broker or agency, make sure that they will truly help you and will not just run money away from you.
Never be afraid to ask for advice or recommendations from your friends or colleagues. They can help you to decide what's best for you.