We Are Here for First Time Home Buyers!
From planning to purchase, The Crawford Group can help make reality dream of home ownership a reality! There are many considerations and negotiations involved with buying a home, and we will be there for you every step of the way!
Identifying funding sources, negotiating the purchase, filling out paperwork, getting inspections completed and ensuring all contingencies are met is a big job. Let us take all the stress out of buying your first home by helping you get through each step.
Being A First-Time Homebuyer in Central Texas
Preparation at the beginning is the key to success. We will prepare you in advance so you have no worries. Being financially and mentally ready for buying a home will make the experience rewarding and less stressful.
Home ownership allows you to have pets, choose paint color and flooring options and have houseguests for as long as you like. Your monthly payments also go towards increasing the value of your own life versus someone else’s. These are attractive benefits of home ownership that also come with the responsibility of mortgage payments, taxes, insurance and home maintenance. Considering your cost of ownership, the stability of your life circumstances and your future plans is the first step in planning to buy a home. The questions below can help you determine if you are ready to take the step to buy a home.
Questions for Prospective Homeowners
Are you ready to buy a home?
Financial readiness is key to being able to buy a home. Start saving early for your home purchase. There are programs that can get the first-time home buyer into a house for as little as 3.5% down. But, having a 20% down payment can go a long way in reducing overall costs. A lower down payment usually means a higher monthly mortgage payment and possibly having to purchase private mortgage insurance.
Check your credit rating. If there are errors on your credit report that are dragging down your credit rating, dispute them and get them removed. If there are other ways to improve your score, take those steps before you apply for a home loan.
You may also wish to explore funding options to help with your first-time home purchase. There are FHA loans available for as little as 3.5% down and Veteran’s Affairs loans for no money down for those who qualify. The Texas State Affordable Housing Corporation is a non-profit organization that offers a variety of assistance to first-time homebuyers and low-income families. First-time home buyers may also apply for a Mortgage Credit Certificate that can save you thousands of dollars over the term of your mortgage loan.
How much can you afford?
Buying a home that is not within your budget can turn your dream into a nightmare. Knowing what you can afford to spend on a home is a something you will want to know before you even begin your search for your new home. The Crawford Group can assist you in making this assessment and there are several websites that offer online home affordability calculators that can help you figure out what price range fits your budget.
What is your debt-to-income ratio?
Home mortgage lenders will place heavy consideration on your existing debts. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. These factors will help you determine what type of home you can buy and where it will be located. It is a good idea to stop any new credit activity when you are planning to apply for a home loan.
Once you have gotten pre-qualified for your home loan based on these considerations, your lender will provide a pre-qualification letter. This is an estimate of how much a lender will loan you to buy a house. This letter can help you gain preference over other prospective buyers who have not done this, as it shows you are a serious and viable home buyer.
The Crawford Realty Group Is Here For You!
The Crawford Group will work hard for you. When you hire us to help you buy your first home, we keep your individual needs and financial objectives as the two priorities in getting you into a home you will enjoy owning.
Seeking the right home can become overwhelming, we will help you stay focused and fully understand pros and cons of each home and prevent needless distractions from making your decision more difficult.
When it comes time to make the offer, we will negotiate and prepare the multiple documents required to get the deal done. You may need to write a deposit check at this point to prove the seriousness of your offer to prevent rejection or counter offers.
We can also provide a list of qualified inspectors when you are ready to have the home checked for any major repairs to home systems like plumbing and heating, structural soundness, mold and pests. This step usually costs a few hundred dollars but is well worth it.
During the final walk-through, we will be happy to accompany you to be sure that all contingencies and agreements are completed prior to the final signing!
From the first interview that determines your requirements to the moment that you receive the keys, The Crawford Group can help you with the complicated process of buying a home. Don't hesitate to contact us to find out more about how we can make the home buying process easier!
Your Central Texas Real Estate Agents
Searching for your very first home in Central Texas? Put the Monty Crawford Realty Group to work for you! Whether you're looking for a budget-friendly condo or the perfect house for your growing family, our agents have the expertise to help make the experience seamless and stress-free.