For many, it is a step towards a token of pride and success; an achievement within one’s life marking a new era. But as popular and well diverse the experience is for each new member, being a 1st home buyer is never not scary, not easy, not filled with doubt, and not full of familiarity towards something lived in the past. Home buying for the first time is a unique and rewarding experience…getting through it to the end is the challenge.
As an FHA 1st time home buyer, there are many additional items to research and consider beyond the initial steps of creating good credit, preparing savings, finding the right FHA loan program, and even finding the right people to work with. There is a full list of key elements to know, look into, and decide upon such as:
Should I look at buying a house or a condo?
When deciding between first home buying a home or condo you must ask yourself, ‘what is my buying potential?’ Working with your FHA mortgage broker, it is advised to find and create the most favorable loan terms for you and your family prior to searching for the type and location of your home. By doing so, you will be able to narrow down a price range that best fits comfortably with you for purchasing. Knowing your estimated monthly mortgage payment amount as a 1st home buyer will help to eliminate the various types and sizes of a home or condo.
Where should I begin to searching homes for sale?
It is important to define your parameters as a 1st home buyer. With 80% of today’s home searches beginning on the world wide web, finding inventory for your future home is easy. As a home viewer, you can enjoy virtual home tours, home images, aerial shots of it’s location and neighborhood. Combine this information with additional searches and you will be able to navigate into your ideal location perfectly. Here are today’s top 5 home search websites:
Where should I buy my first home?
Selecting your location is just as important as choosing what college will best prepare you for the desired degree in which you want to obtain. From southern to northern California, 1st home buyers are hunting for the perfect fit. To help narrow down the right county and home type, stick with the price range determined between you and your FHA mortgage lender and note, it is always acceptable to buy down versus trying to buy above your means.
As of November 21st, 2011, the home listing and purchase price for Orange County, Los Angeles, and Ventura County is shown below:
Orange County Home Medians
• Homes | Listing price 599K, Sold price 468K
• Condos | Listing price 266K, Sold price 250K
Los Angeles County Home Medians
• Homes | Listing price 390K, Sold price 315K
• Condos | Listing price 270K, Sold price 242K
Ventura County Home Medians
• Homes | Listing price 460K, Sold price 399K
• Condos | Listing price 199K, Sold price 202K
How many homes should I look at?
It can be overwhelming to have the energy in trying to visit so many homes all in one day. With studies showing that one’s memory can dramatically improve after eating carbs versus slowing when eating sugars, try to stick with a healthy, rich carb packed meal over high sugar intake choices like sweets and soft drinks. When selecting the list of homes you wish to view for the day, try to stay under 8. Anything beyond that will be exhausting and drain you from focusing on the important characteristics within and around the home.
How do I prepare when looking at a home?
As a 1st home buyer, don’t be shy to come prepared during your house hunting adventures. To help, try out the below:
• Bring your digital camera to record each home and it’s location. Memory works well with images
• Take notes alongside the address of each home to help remember good and bad points.
• Take in the surrounding views. Note nearby neighbors, schools, parks, streets, and distances to business locations and major freeways.
• Before driving to the next location, try to rate the home from 0-3 (0-NOT INTERESTED to 3-GREAT HOME)
How can I be sure the home is the right choice?
This is the element of doubt that all 1st home buyers experience. To find the confidence in your selection, identify 3 – 5 of your top homes, view them once more, and choose the home. Making the offer will need to be a comfortable and somewhat quick choice once you have made your selection.
As an FHA 1st time home buyer, finding a home open to your type of loan program is easy as well. Simply look for details showing FHA Orange County, FHA Los Angeles, and FHA Ventura for listed homes for sale and begin your process.