First Time Home Buyer in California?
This home buyers list will make sure you are prepared…
1. How is your budget? Is your lifestyle ready for homeownership?
2. What is your credit score?
3. Get organized with your financial documents
1. Get a mortgage lender credit report run with all 3 scores
2. Gather financial documents for review by lender
3. Find out how much house you can afford
4. Know your Loan Limits for Various home loan programs:
Example for 2015 the FHA Loan LIMITS FOR LOS ANGELES COUNTY:
SFR $625,500 DUPLEX $800,775 TRI-PLEX $967,950 FOUR-PLEX $1,202,925
Find your Dream Home
1. Find a realtor partner ( ask for local referrals from friends or your lender)
2. What is on your “wish list”? (# of bedroom/Baths, schools, size, type, age style of home)
3. Narrow your search… Location, Location, location
4. Compare homes in your price range
Making Your Offer
1. How much do you want to pay? What is a fair price based on comparables, age and condition?
2. What is your timetable? When do you want to move in?
3. Addendums and Contingencies – Do you want the window coverings? Pest or home inspection?
4. Time to negotiate – Back and forth and counter offers then “Under Contract”
Under Contract- almost at the finish line
1. Optional Inspection – safeguards against unforeseen problems
2. Finalize the Mortgage – get all financial documents, income & assets for the down payment.
3. Order the appraisal and title search
4. Meet the conditions requested by lender
1. Prepare for your down payment and closing costs
2. Meet with the Notary to sign documents
3. Loan Funds and Records and the Keys are yours!
Being a First Time Home Buyer, you are sure to have questions. Make sure you choose a loan officer who has experience closing purchase loans and will be available for you and the realtor you choose, making your new home dream come true.
Jackie has been working with First Time Home Buyers in Los Angeles & Orange County for many years and makes the home loan process simple and easy to understand.
Give Jackie a call today 949.600.0944
Visit www.mylenderjackie.com for great first time home buyer tips.