First Time Home Buyers – What Can You Afford?

Before you search for a house, you have to know what you can afford. Mortgage calculators can give you a basic idea. Lenders can give you more specifics.

But the very first step in buying a home is finding out how much you can afford by being ‘pre-qualified‘ for a loan. When you are pre-qualified, you know how much money you’ll be able to borrow to buy a house. You’ll start by meeting with a mortgage broker or a loan officer at a bank or credit union. (Email me for a list of recommendations.) He or she will ask you a lot of questions about your income, your debts, and things you already own. You’ll have to provide documentation for some of your answers, and the loan officer will check your credit with the three credit agencies.

After reviewing all your information, the loan officer will give you an estimate of how much money you can spend on buying a home. You’ll probably get a pre-qualification letter that you can show buyers and real estate agents so they will know that you are serious about purchasing.

What if you need a little extra help in qualifying for a loan? Don’t worry – many first time home buyers do! There are many programs – both federal and state – that can help. I can tell you about first time home buyers assistance programs here in North Carolina. I can put you in touch with lenders who work specifically with these programs, and who enjoy working with first time home buyers as much as I do!

Please contact me, and let me help you find the house that will be your first home!

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First Time Buyers Assistance Programs
Real Estate Vocabulary