Purchaing Your First Home

         Purchasing your first home is an exciting process, but before you schedule a home showing be sure that you are ready for a Realtor. To be ready for a Realtor you will need determine your monthly budget, get pre-qualified, and determine what, if any, first-time homebuyer assistance you qualify for.

              The first step in purchasing a home is not browsing the internet for listings, but rather determining how a payment will fit into your monthly budget. And remember, homeowners must pay for all utilities and maintenance on their property in addition to taxes, insurance and homeowner’s association dues. A rule of thumb is not to let your monthly payment exceed twenty-five percent of your income.

               In today’s market, some people who could pay a mortgage will not qualify due to their source of income, monthly debt, or credit history. But many prudent first-time homebuyers underestimate what they can qualify for, or assume they will not qualify at all. Speaking with a competent mortgage broker who can pre-qualify you takes only a few minutes, and is the best way to start the home buying process. By getting pre-qualified in the beginning, you will know exactly much your budgeted monthly payment will qualify you for, and if you can get the home you want for less than your budget.

              A professional can also tell you if you qualify for first-time homebuyer assistance. Right now there are several first time homebuyer programs in Greenville that offer money for qualifying first-time homebuyers to use for their down payment. In most cases this money is forgiven over time, essentially making the assistance free money. Greenville Housing’s down payment assistance and South Carolina State Housing are two examples. Greenville Housing is a great program for those buying real estate in Greenville, SC. South Carolina State Housing is a similar program, but available to all real estate in South Carolina.

                 In addition to down payment assistance, your mortgage broker should inform you of your purchase programs, and help you choose the best among the following:                After determining your budget, getting pre-qualified, and learning about first-time homebuyer assistance you will be ready for a Realtor. By knowing how much home your budget can get you, your Realtor will be better able to assist you in determining the best location and home for you. Your mortgage broker can also refer you to a great Realtor who has a proven track record, and getting referred to a professional is much better than choosing a Realtor because of an ad or website.


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Adam Groblewski