Question 1

How much should I have saved before buying a house?

Accepted Answer

If you’re getting a mortgage, a smart way to buy a house is to save up at least 25% of its sale price in cash to cover a down payment, closing costs and moving fees. If these numbers sound too steep, you’re not alone.   This will allow you to avoid paying private mortgage insurance (PMI)—a type of insurance that protects your lender from losing money in case you can’t make your mortgage payments.   Great news, you can successfully obtain your home with as little as 8.5% of the total sales price! So if you buy a home for $250,000, you might pay more than $21,000 to cover all of the different buying expenses.

Question 2

Should I get pre-approved before searching for a home?

Accepted Answer

The short answer, Yes!   Getting pre-approved for a mortgage is truly the first step that you should take if you’re serious about buying a home. First-time homebuyers, however, are often intimidated by the amount of work that it can take to get approved and end up shuffling this important step to the end of their to-do list. This can be a costly mistake.   In most cases, your pre-approved loan amount will essentially determine your price range. Once you have a pre-approval in hand, you’ll be able to use that number to determine which properties are a good fit for you to see. After all, no one wants to fall in love with their dream home, only to realize that it’s entirely out of their budget.   In addition, getting pre-approved lets you move quickly! These days, houses can go off the market fast. In order to be competitive, buyers need to make sure they’re ready to submit an offer as soon they’ve found a home they love!   Contact us today to so we can connect you with a great lender to get pre-approved!

Question 3

Will buying a home cost more than renting?

Accepted Answer

The renting-vs-buying question is not something that people usually ask and answer just once. This is a decision with many moving parts, and things change: Your down payment savings grow, you consider moving to a cheaper or more expensive area, you’re curious what happens if you spend less on a home, or more.   At some point, the question comes up in everyone's life. Even a lifetime renter who loves apartment living probably has had a few internal struggles over whether it would be wiser to buy a home versus continue renting.   What's the right answer? The good news is that the answer is up to you. The even better news is that we're here to help you decide! Click Here to schedule your free, confidential consulation so we can discuss your #HouseGoals!

Question 4

What should my credit score be to purchase a home?

Accepted Answer

The minimum credit score you need to qualify for a mortgage depends on the type of mortgage you’re trying to obtain. Scores differ whether you’re applying for a loan insured by the Federal Housing Administration, better known as an FHA loan; one insured by the U.S. Department of Veterans Affairs, known as a VA loan; or a conventional mortgage loan from a private lender.   Great news! Some lenders will allow you to qualify for a loan with a minimum credit score as low of 580. It's always great for prospective home buyers should aim to have credit scores of 760 or greater to qualify for the best interest rates on mortgages.

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NEW CONSTRUCTION FIRST-TIME BUYER

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ESTATE SELLER

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Down payment money is available. We’ll help you find it.

SELL

PLRG.

BUY

PLRG.

WHAT PEOPLE SAY

TAJUANA BUCKLEY FIRST–TIME HOME BUYER

ANTOINE RICHARDSON NEW CONSTRUCTION FIRST-TIME BUYER

ENITA HOUSTON ESTATE SELLER

Down payment money is available.
We’ll help you find it.

TAJUANA BUCKLEY
FIRST–TIME HOME BUYER

ANTOINE RICHARDSON
NEW CONSTRUCTION FIRST-TIME BUYER

ENITA HOUSTON
ESTATE SELLER