First Time Buyers
Notice to First-Time Home Buyers!!! There is life after the federal tax credit. There is money available from the state of North Carolina to help first-time home buyers. These programs are not expiring! Sale price on home must be under $210,000 and there are also income limitations. You must also work with a lender who has been approved by the North Carolina Housing Finance Agency. Contact me for more information or you can check out the NCHFA website.
Besides NCHFA there are other sources for help. OnTrack is a wonderful agency that provides financial counseling for folks in trouble and education for home buyers. The class costs $35 and teaches you about the buying process and how to work with a realtor. It prepares you for all of the hidden costs and benefits of homeownership. They also inform you of some of the alternatives in obtaining a mortgage.
Self Help is a non-profit agency that helps folks through counseling and providing loans. It is a good resource for folks who can not get loans through traditional banks. It does take longer to get a loan through them. They can also help you obtain loans through the state(NCHFA) or the federal agencies (USDA, FHA). They also recommend the OnTrack class.
Please check the For Buyers page for additional information and to learn about the WNC Hot Line . Contact me to register your cell phone so that you do not get contacted by a stranger.
Here are some resources specific to first-time home buyers.
Steps for first time home buyers
Diagram of the buying process
| ome Builders. All rights reserved. | |
Steps to getting yourself "in shape" to be a first time homebuyer
- Be pre-qualified by a mortgage loan officer. This will save you a lot of time and potential disappointment.
- Obtain a mortgage pre-approval. The difference is explained in the Mortgage Center . I do recommend you read this section before seeing a mortgage officer.
- Have the necessary funds in your checking account to write an initial earnest money check and to pay for inspections and the appraisal.
- Have the remaining money for your down payment easily accessible.
- If you are receiving a "gift letter" for a portion of your down payment, be sure to have the money transferred into your savings account.
- Pay balances on revolving credit cards. See the Mortgage Center for more information on credit.
- Do not make big purchases (such as a car on installment payments) prior to getting loan approval and closing on your new home. Major purchases affect your debt to income ratio which lenders want to be low.
- Have a credit report run by a credit agency so that you can see what might be on the report and clear up any credit problems. Also see the Mortgage Center for more information here. You are entitled by law to a free copy of your credit report once a year.
- Be aware of the dates you can move. Can you be flexible on dates?
- Do you have a current lease?
- Can you sublet your current residence?
- How important is it to remain in your current residence until the lease expires?
Interested in learning more? Enter your information below and I will shortly follow up with more details.
