Guide To Buying Your First House Official

Just before closing, you will do one final walk-through of the property to ensure agreed-upon repairs were made and the home is in the expected condition.

These are the fees required to finalize the mortgage, typically ranging from 2% to 5% of the loan amount. You must save for these in addition to your down payment.

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

Do not skip this step! A pre-approval letter shows sellers that you are a serious buyer with actual purchasing power. 1. Gather Your Documentation

Are you ready to take the first step by calculating your , or would you prefer to explore the different types of mortgages available to first-time buyers? Just before closing, you will do one final

Pull your credit reports from the major bureaus to check for errors.

Number of bedrooms, school district, proximity to work, a layout that fits your family. Backed by the Federal Housing Administration, great for

Many first-time buyers believe they need a 20% down payment. While 20% is ideal because it eliminates the need for Private Mortgage Insurance (PMI), many loan programs allow as little as 3% to 5% down.