BUYERS

Your first step will usually be reaching out to a real estate agent that you jive with. Your agent will chat with you to see where you're at, provide you with lender recommendations and help guide you through the earliest phases of buying. 

This will depend on the loan type, but for most first home purchases, the minimum required down payment is 3-3.5% for a conventional or FHA loan, or 0% for a VA or USDA loan. Plus you'll want an additional 1-2% saved for closing costs associated with buying. I tell my clients to shoot for 5% of their ideal purchase price.

This will depend on the loan program - but the rule of thumb is the better your credit score, the better the interest rate you will be offered. 580+ is required to qualify for an FHA loan depending on the lender, while a 620+ is required for conventional and VA loans (again, depending on the lender). 

Shopping for a home can take anywhere from a couple of weeks, to a couple of  months depending on the market and the buyer. Once you get into contract, it can take anywhere from as little as 21 days, to as much as 45-60 days depending on the agreed upon timeline. 

Nope! In most cases, the commission paid to both the listing agent and the buyer's agent (your agent) will be paid by the seller at close of escrow. 

Yes! Your education history is actually counted towards your employment history when you're working in the field you studied. Example - you finished nursing school after 3 years and just got hired by the hospital, full time. Your letter of employment and transcripts will cover your needed 2 years of work history.

This list will change depending on the lender, but these are some of the documents you'll want to have on hand when getting ready to apply for a mortgage:

• Drivers License
• 2 Years Tax Documents
• 30 Days Pay Stubs
• 3 Months Bank Statements

When buying a home, you'll have fees outside of your down payment, these are what's known as closing costs. While these aren't hidden fees (they're disclosed upfront by law actually) they can be easily forgotten about when getting caught up saving for your down payment. Here's a list of some of the fees to expect:

• Home/Pest Inspection
• Appraisal
• Title & Escrow Fees
• Transfer Taxes
• Lending Fees
• Recording Fee

Overall, your closing costs will run you about 1.5-2% of the purchase price. 

Your Realtor® should be one of the first people you contact when you think about buying a home. They can point you in the direction of trusted lenders and guide you through the earliest phases of getting ready to buy. Ideally you reach out to an agent 6-12 months before you start shopping to be extra prepared. 

This is where down payment assistance and seller credits come into play. There are certain stipulations with down payment assistance programs to be aware of, but they can be a great way to get into a home if you otherwise couldn't.

The listing agent works for the seller whereas a buyer's agent would work for YOU. When an agent is already representing the seller, how are they supposed to represent your best interest at the same time? Having your own agent represent you usually does not come with any additional fees and is only a benefit to you as the buyer.

Simply put, you don't buy it. All contracts to purchase a home have what is known as a "contingency" aka something that has to be satisfied prior to closing. The inspection contingency is your CYA here - if the inspection comes back with a laundry list of issues, you can back out of the purchase agreement.