First Time Home Buyer
Ownership is 38% cheaper than renting on a national level!
For all you first time home buyers, this seems like it can be a stressful process. Hopefully, these tips make your experience a little easier and a lot closer to buying your DREAM home!
1. DECIDE WANT YOU REALLY WANT - The options are over whelming! What do you really want? Single-family home? Condo? Investment? Where in the Grand Strand do you want to live? Myrtle Beach? Surfside Beach? Carolina Forest? Conway? Cherry Grove? Different areas have different price points, so it's important to do your research.
2. WHAT'S YOUR PRICE POINT?? - Are you a cash buyer? If not, your price point can be determined with a PRE-APPROVAL. Please, if you are not a cash buyer, get pre-approved. Don't drive yourself nuts (or your Realtor) looking at property that you don't know if you can even qualify for. Don't have a mortgage lender? That's OK .. We have a great one and we'll get you all set up!
3. HOW'S YOUR CREDIT?? - If you're not sure of your credit score, credit karma is amazing! and free! According to the Federal Housing Administration (FHA), you'll need to acquire a credit score of at least 500 to buy a home with an FHA loan. A minimum score of 580 is needed to make the minimum down payment of 3.5%.
4. WHEN? - What's your time frame to buy? 1-3 months? 6 months? 1 year? This can make a big difference when home buying, especially if you know what areas you need to work on in order to get qualified for your dream home.
5. SAVINGS - How much do you have saved? If the answer is $0, that's OK. You have to start somewhere, right? It is crucial to have a savings account, especially for a down payment. If you are a serious buyer, this is something that needs to happen NOW! BUT ... HOW EXCITING!!! YOU WILL GET THERE! YOU"RE GOING TO BE A HOME OWNER!
AND WE CAN'T WAIT TO HELP! Contact our team of EXPERT REALTORS today!