Buying Your First Home

Its starts with the Dream

Buying your first home can be so exciting! I remember when we were house hunting. I would lie in bed at night and think about all the things I wanted in a home. How it would feel to be a home owner. I’d dream up that big back yard my kids would run and play in, the barbecues we’d have, what Christmas and Thanksgiving would be like in the new house. How I’d paint the kids rooms, or my office. There were so many things to think about it was hard not be overwhelmed and just through the roof excited. I remember waiting for the call from my Realtor that I could come get the keys! The keys to our very first home!! Something that was completely ours! It was an extraordinary feeling!

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The Process

A lot went into those four months of searching for a home and about six weeks of closing the deal. First most people need to be able to put at least three percent down on a home before being considered for a loan, unless you qualify for a VA loan. But buying your first home doesn’t have to be a complete headache. A key to knowing you are ready to buy a home is knowing how much you can afford. If you are in the market for a new home, you should consider homes within the price range of what you are paying now in rent, if you rent a home, townhouse or an apartment. A few hundred dollars more per month is a good starting point, but you want to live some place where you aren’t bringing home the money just to pay for the four wall you live within. You want to make sure you can afford your home and all that you’ll need to put into it over the years. You want to be able to have that play money and vacation money, so it isn’t ideal to attempt to live outside your means, go for what you can afford now with your current income.

Do you have enough money to put down on a home?

Most lenders require at least three percent down on a home before they will consider lending to you. You also need to make sure your credit is good. A 700 credit score or higher is ideal. If you already know your price range, making sure you save is very important! Once you figure out how much you need to save and how long it will take you to save three percent toward your home, set up a monthly budget and savings plan and stick to it. Three percent is a lot of money, but three percent of a home that will be yours for the rest of your life or at least the next thirty years really isn’t a lot of money in the grand scheme of things. Its money that will be well worth it in the end, when you finally get those keys, and possibly equity in your pocket later!

About Heather Jones

I'm just a wife and mom of two boys trying to find her place in this world. I enjoy walks around the lake, bible journaling, and RV camping with my family.

Heartfully Heather

 

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Heather Jones

I'm just a wife and mom of two boys trying to find her place in this world. I enjoy walks around the lake, bible journaling, and RV camping with my family.

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