This is Part I of the Triangle First Time Home Buyer's Guide. You will have the opportunity to read this series of 4 here on our site. We've sold thousands of homes and serve every corner of the Triangle. Our experience has given us a passion to serve home buyers by giving them the best tools to succeed when buying what is often their BIGGEST investment. We've also authored the Top 7 Rules for Smart Home Buyers to arm you with proven techniques to make all the right moves when buying your home.

 

Buying a home for the first time can be overwhelming with all the tasks that need to be done from the very beginning until the day you receive your keys. By using the "brain power" of the #1 Team in Triangle Real Estate, we will help simplify the process by breaking it down to 4 easy steps.

 

The first thing we recommend for all buyers to make sure they are qualified to purchase a home. We also recommend exploring all of the options on financing: VA, FHA, Conventional, Cash or Alternative Financing (Private Money, Owner Will Carry). The most popular option for first time buyers is FHA financing. The down payment is low (currently at 3.5%) and if they hire a savvy Triangle buyer's agent that can get their closing costs paid, they are not really looking at coming up with much out of pocket expenses with buying verses renting a home.

 

There are also 100% financing options through USDA and current Tax Credits available to the first time buyer to help cover for closing costs, down payment or both. Additional loans available include the most popular FHA loan, REO special loans, and Renovation Loans. Of course you do need to qualify for these options, just like you need to qualify for a loan!

 

You also want to start saving up for your Earnest Money Deposit (EMD). Your EMD shows that you have good faith to purchase the property and if you back out for reasons outside of your "contingencies," the seller may not release your EMD back to you. EMD is usually around 1% of the purchase price of the home.

 

In Part II of the First Time Home Buyer Guide, we discuss the right time period to look at homes.

 

Contact us NOW and tell us your real estate needs.