Buying a new home can be very exciting and scary at the same time. There are some obstacles you will face when you are trying to get that first dream home that you should be prepared for. It's good to know right off the bat that it is a long process from searching to closing so don't expect to find your perfect place, price, and deal all in one week. It will take time, careful consideration, and for all the chips to fall in the right place.
What Obstacles will you Face?
You are going to need a minimum FICO score to be able to get a loan for the mortgage. You should check your credit before you do anything else to see if you need to fix it before you can start looking for houses.
Next you are going to want to find the down payment because the only loan you can get with zero down is a VA loan. All other types of loans will have you put at a minimum 3.5% down before you can get a mortgage loan FHA or conventional.
You are going to have to get an appraisal after you have made an offer. If the appraisal isn't at value and the seller won't adjust the price then you might have to walk away from your first choice. Always be prepared to go to a plan B.
You will need to satisfy loan conditions meaning once you are applying for the loan and deciding the house you are buying, an underwriter will look at your file. They can demand conditions that have to be met before you can finally close on your home.
Be patient and you’ll get there, just know there will be some hurdles in your way to start out with. Your dream home is waiting for you at the end of them.
Kris Lindahl Real Estate