The first time home buyer will still face the same daunting process of buying; however, there is a plethora of resources today including a few tips to get started:



Ready or Not? Home owning is a good investment and there are many advantages to owning a home. Before making the big decision take a look at your finances and consult with your credit history, your income and your savings to see just how much house you can afford. A meeting with your banker will help you understand this information.

There are programs that allow you to purchase a home without putting any money down; however, it is a good idea to have savings available for down payments and closing costs. With a good amount of money in savings you will often get a better mortgage price.

First Steps: The first step, once you are sure you are ready, is getting pre-approved by a lending institute. Your lender will let you know what type of loan you can receive and the price range of houses in which to look.

Finding a good real estate agent to work with will help you find what you are looking for and be able to provide you with information about the neighborhood and the house itself.

Resources Available: There are financial and informational resources for the first time buyer on line as well as free workshops available in many areas. These classes will often bring in experts to teach about loans, credit, home inspections and the entire buying process.

A workshop is great for those who are seriously thinking about buying their first home as they can also learn about special loan programs available to them. For instance, the Federal Housing Authority offers low interest loans and often requires little to nothing of a down payment. There are other state programs and area housing programs that offer great first time buyer incentives as well.

Considerations Before Buying: Owning a home is not like renting a home. A homeowner will be responsible for all of the maintenance of the home and will have to fix anything that goes wrong on the property itself.

In addition to the monthly mortgage payment there will also be property tax, home insurance, maintenance and those unexpected problems that come up including replacing appliances; create a savings for those bumps in the road.

The market is right for the first time home buyer today more than it has been for a long time. If you are ready financially and are ready to take the steps it takes you can be on your way to seeing that moving truck in front of your new home in your new neighborhood!