Starting the Home Buying Process

Making the decision to purchase a home can be very exciting, but we know that it can also bring about a lot of questions and concerns. It’s a very big decision especially for a first time home buyer and at Family First Mortgage in Lafayette, LA want to do whatever we can to help you along the way in this process.

There’s a First Time For Everything

Although buying a home can seems like a pretty big step in your life, it doesn’t mean it’s not possible. The first you want to do when you consider buying a home is research. The internet can provide you with lots of information but you can use local resources too. Don’t hesitate to ask friends and family about their experience when they are in the market to buy a home. Everyone is going to have a different home buying experience depending on a number of factors, but the one thing that you can do make the process a little easier on yourself is to learn as much as you can before discussing things with a lender.

The Basics 

Once you’ve done some research about where you want to live and how soon you plan on purchasing, the next step is considering your finances. Your credit score is very important when discussing finances with a lender so you want to do whatever you can to make sure it’s at the highest it can possibly be. You will also want to review your credit reports to make sure any negative marks on there have been fixed if they can removed or disputed. 

Help Is Out There

First time home buyers do have options for assistance if they aren’t able to come up with a large down payment. It’s important to look into all options in your area as they may require little or no money down when purchasing a home.

There are a few programs that can be helpful to first time home buyers:

  • VA Loans are useful to those members that have served in the military. They are guaranteed by the US Department of Veterans Affairs and allow buyers to put nothing down when purchasing a home.
  • USDA Loans are useful to those buyers that want to purchase in rural areas and are financed by the US Department of Agriculture.
  • FHA Loans are great for first time home buyers because they allow for very small down payments, lower than even 5% for qualified buyers.

What’s Next?

Once you have financing figured out, you’ll want to consider working with an agent. An agent can take a lot of the stress out of the process by finding homes that work with your budget and often have connections to homes that have yet to hit the market. They can also assist when it comes to getting an inspection and submitting an offer.

If you are purchasing a home and are not working with an agent, you will have to make sure you are doing a lot of research when you are further along in the process because these decisions can save or cost you quite a bit in the long run.

Finalizing the paperwork and closing costs are usually the final steps in the process, but an attorney or an agent is always great to have on your side when you are purchasing a home for the first time just to make sure the final details are being reviewed.

Reach Out Today!

Buying a home can be exciting, scary, overwhelming and much much more but we want to help you make the process as easy as possible. Reach out to Family First Mortgage in Lafayette, LA today so we can find you your dream home!