Q| I see a house on the market that I am intersted in looking at. What should I do?

A| If you are pre qualified or have enough liquid cash on hand to buy, you are a qualified buyer. You can shop for a home!

Q| How much will my down payment be?

A| A lot factors into this but general percentages of purchase price and minimum amount needed are based on the type of loan you will be using -FHA: 3.5%, -VA: 0%, -USDA/rural: 0%, -Conventional: 5%

ie: $200,000 purchase price -FHA: $7,000, -VA: $0, -USDA/rural: $0, -Conventional: $10,000

Q| I am a first time homebuyer. What programs are available for down payment assistance or First Time Homebuyer programs?

A| You should look into all the information and fine print about down payment assistance programs. Some require payback on down payment funds when you sell, etc. The programs and laws are always changing. Partner with Matt for info on a lender for more information and what program you may qualify for.

Q| How much of a home can I afford?

A| A mortgage calculator can give you a rough estimate but you should connect with a mortgage lender for more details. (Don't forget to factor in property taxes and home owners insurance).

Q| Where can I start when gathering information about which mortgage lender I should use?

A| Contact Matt for the trusted lenders he recommends. NOT ALL LENDERS ARE CREATED EQUAL!

If you haven't noticed a trend, you need to partner with a professional lender, as well as a great Realtor (Matt is a really good start!). Also, it is always good to be proactive and finacially ready to purchase a home well before you start looking at homes. Although, shopping for a home can be fun, real estate professionals from lenders, contractors, and agents all are typically very busy and it is important that you are ready to purchase before most of these professionals can get you into your home. 

If you are ready to purchase a home now or in  6 months, get your life, your finances and everything it takes in order months before. It will minimize your stress levels when making one of the most important decisions of your life!

     

Matt: (509) 939-7411
Email: mraby@kellyright.com

 

CONTACT MATT