Your First Home

Buying your first home can be a nervous yet joyful time. Many people across the world associate homeownership with prosperity. Also the number one source of wealth in the United States today was built through real estate investment. The average wealth of a renter in the U.S. today is roughly $7000, while the average homeowner in the U.S. has a net worth in excess of $180k. The numbers clearly show that owning your own home and building equity in it is the start to building wealth. It has been true for thousands of years that the wealthiest people of a nation typically were also the largest land owners.

To purchase your first home, you will most likely need to qualify for a mortgage. Today there are many different loan programs available depending on your credit score. Many loans require zero to 5% down, making it relatively easy to save up a down payment for your first home. Many first time home buyers think they will be living in their home for a long period of time. Statistics show that first time homebuyers on average will move from their first home to another home on an average of 5 years. The first time buyer then will either sell the home or keep it as their first rental property, and then live in the second home they would own. A first time homebuyer should hire a real estate agent prior to doing anything that has to do with real estate for the simple reason that they know so little about the process. There are so many loans, homes, and styles available that the first time buyer will need help in finding and deciding which homes, loans, and features are important. Some items may be not needed in their first home and can be installed later, or can wait until they purchase their second home.

For many first time buyers, home ownership seems like a distant dream, but for those that that are willing to make a few concessions, a home can be easy to obtain with the correct plan. If you are a first time buyer and have over a 625 FICO score (credit score) as well as an income or ability to have an income (renting out a room or two to roommates), that may be all that's needed to purchase a home. For those buyer's who were in the military, a VA Loan is a great way to obtain your first home since it typically offers the applicant access to a $1 down and they are in their first home. (Literally, $1 is all that is needed many times.) The message is that if you are looking to obtain your first home and willing to save money or increase your credit score, if necessary, then you quite possibly could purchase a home. If you would like more information on first time homebuyer programs or loans available, please feel free to fill out this questionnaire and Michael will get back with you within 48 hours, NO OBLIGATION!