Guide To Buying Your First House -

Best for those with good credit and a steady down payment.

Just before closing, you will do one final walk-through of the property to ensure agreed-upon repairs were made and the home is in the expected condition. guide to buying your first house

Your lender will hire an independent appraiser to ensure the home is actually worth the amount you agreed to pay. Lenders will not lend more than the appraised value of the home. If the appraisal comes in low, you will have to negotiate a lower price with the seller or pay the difference out of pocket. 4. Final Walk-Through and Closing Best for those with good credit and a steady down payment

For low-to-moderate-income buyers in eligible rural and suburban areas, also offering zero down payment. Phase 3: The Search and The Team Lenders will not lend more than the appraised

Your agent will help you decide on an offer price based on recent sales of similar homes (comparables) in the area. You will also propose terms, such as how soon you want to close and which appliances you want to keep. You will put down "earnest money" (usually 1% to 2% of the purchase price) to show good faith. 2. Get a Home Inspection

You will need to provide extensive paperwork to your lender, including: Tax returns and W-2s from the last two years Recent pay stubs Bank statements from the last few months Proof of any other assets or debts 2. Shop Around for Lenders