Top 5 Questions First-time Home Buyers Ask

By Terrell Ramlakhan / April 28, 2024

How Do I Know When I'm Ready to Buy a Home?

The decision to buy a home is often a gut feeling. Many first-time buyers feel it’s the right time due to life events (like getting married or starting a family), wanting more space, or desiring the freedom to personalize their own space. Financial readiness matters, but it’s not the sole factor

Who Qualifies As A First-Time Home Buyer?

Typically, someone who hasn’t owned a home in the past three years qualifies as a first-time homebuyer. However, specific definitions may vary by loan program and location

What Are The Minimum Financial Requirements To Buy A Home?

The specific requirements vary based on the loan type and lender. Generally, lenders consider credit score, income, debt-to-income ratio, and employment stability. It’s essential to consult with a mortgage professional to understand your unique situation

How Much Money Do I Need To Buy A Home?

First-time buyers can purchase a home with little or no money down. Government-backed loans (such as VA and USDA loans) offer 100% financing, covering both the home price and closing costs. FHA loans also allow down payment assistance, making homeownership accessible

When Is A Good Time To Buy A Home?

The “right time” varies for each individual. Factors like market conditions, interest rates, personal circumstances, and affordability play a role. Consulting with a real estate agent or financial advisor can help you make an informed decision