First Time Home Buyer

Buying your first home will be easier than you think!

At the beginning the process of buying a home may seem overwhelming. There are so many things to do and consider.  I understand what you are going through and are committed to helping you through the process by helping you understand each and every step.

First time home buyers may be eligible for special programs

Benefits to those who qualify are:

·          Allow for a purchase with a very low (or no) down payment
·          Offer grants that never have to be repaid
·          Subsidize interest costs
·          Defer payments If you would like to determine if you qualify, follow this link for First Time Home Buyer Grant Eligibility.

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The Process

Get Pre-qualified for a specific loan amount ~ you will have a face to face meeting with a loan officer. They will review your income and debts, look at your credit report and discuss your financing options. Knowing how much a loan you can afford will be the determining factor in how much you can pay for a home. Sometimes this means helping you prepare your credit report to pass future scrutiny. Together you will plan a strategy for your home purchase either now or later.

Once you have the "green light" to go forth, you will make the actual loan application and start the process to get approved. Having a Pre-approval shows strength to a seller and will benefit you when it comes to negotiating the price of your home. When your loan is approved, the home you choose will still need to appraise for at least the price you pay. If not the home does not appraise for this value, you will not be obligated to purchase it at that price.

Get you set up with theMinneapolis MLS Search. Now that we know how much you can afford, we can begin a serious home search in all the neighborhoods that meet your budgetary and lifestyle requirements. This is when the real fun begins, first online searching learning about properties and neighborhoods. The online search will deliver the newest listings to you as they come on the market. You will be able to save your favorites and track them.

Go house hunting. Armed with all the details and a pre-approved loan, we will go touring the best selection of homes. Typically I like to look at 4-6 homes at a time. If none of those meet your needs, we will continue to look until we find one that makes your heart do flip flops.

Write the offer to purchase your home consisting of the price and terms we define together.
Typically we include in the offer:
·          The financing terms you are qualified for
·          Amount of down payment
·          Who pays the closing costs
·          Inspection deadlines
·          Personal property that will transfer with the deed
·          Closing and possession date