The first-time homebuyer has become near extinct in Orange County.\u00a0\u00a0With the spring homebuying season now in full swing (March through June are the year\u2019s four busiest months), here are 10 tips for first-time homebuyers:<\/p>\n
The first-time homebuyer has become near extinct in Orange County.\u00a0\u00a0With the spring homebuying season now in full swing (March through June are the year\u2019s four busiest months), here are 10 tips for first-time homebuyers: Determine\u00a0what you can afford –\u00a0The first step is to meet with a lender, review your own finances, and see what you can afford with a downpayment.\u00a0 If you can only realistically afford a home at $400,000, do not waste your time looking at a home that is $700,000.\u00a0 As a real estate expert, we often warn not to shop for the most expensive home you can qualify for, unless you can truly live with the payment that comes with it. Check for down-payment assistance –\u00a0As a first time homebuyer, check to see if you qualify for one of the down-payment assistance programs.\u00a0\u00a0In Orange County, a family of four can qualify for state and federal assistance even with an income as high as $108,350, said Karla Lopez del Rio of NeighborWorks Orange County, a HUD-approved housing assistance agency.\u00a0 Do not assume your income is too high. Get pre-approved –\u00a0Getting a lender to pre-approve a loan before you shop.\u00a0 This can make your offers more attractive, and protect you from keeping deals from falling apart.\u00a0 Additionally, get all the documentation you’ll need for the loan process.\u00a0 Speak to your lender about what you need.\u00a0 When home shopping, be sure to avoid taking on new credit at that time.\u00a0 Keep your credit card balances below 30% of your credit line. Pick an agent who is right for you –\u00a0Look for an agent with whom you can communicate with.\u00a0 Feel free to take on an interview approach.\u00a0 Keep in mind that an agent works for you and needs to be concerned with your best interests.\u00a0 Make sure that you find someone who you can trust and is informed and knowledgeable. Find a home you can afford –\u00a0Make a wish list of where you want to live and what you want to have in your home.\u00a0 But, don’t fall in love with a home without acknowledging its flaws.\u00a0 Move on from a home if the asking price is unrealistic or if the seller is being unreasonable…or if the bidding rises beyond your budget.\u00a0 Be willing to research and discover multiple properties prior to committing to one. Scope out the neighborhood –\u00a0Your agent should provide you with local information about the neighborhood.\u00a0 Then, walk and drive the neighborhood, meet people, and get a feel for what it would be like to live in the community.\u00a0 Spending time around the area will help you find out if it’s truly a place you can live. Make a realistic offer –\u00a0While buyers have limited negotiating power in the current market, be savvy with your asking price.\u00a0 Be willing to place an offer a little over the asking price but always keep it within your budget.\u00a0 With that, you might run into trouble getting a loan if your offer is higher than the lender\u2019s appraised value of the home. Lenders won\u2019t approve the loan if the appraisal is less than the loan amount. Find\u00a0a good home inspector –\u00a0Be aware of deadlines during escrow. And respond in a timely manner to the home and termite inspections, seller disclosures and the preliminary title report so you don\u2019t miss your chance to opt out if a problem arises.\u00a0 Read your loan documents or get someone you trust to help you understand what\u2019s in them. The two most important things to look for in your loan packet are the settlement statement (listing all the costs and fees of the loan) and the note (the actual loan contract).<\/p>\n","protected":false},"author":4,"featured_media":4419,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,1,4],"tags":[35,27,26],"_links":{"self":[{"href":"https:\/\/mcveighproperties.com\/wp-json\/wp\/v2\/posts\/4418"}],"collection":[{"href":"https:\/\/mcveighproperties.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mcveighproperties.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mcveighproperties.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/mcveighproperties.com\/wp-json\/wp\/v2\/comments?post=4418"}],"version-history":[{"count":2,"href":"https:\/\/mcveighproperties.com\/wp-json\/wp\/v2\/posts\/4418\/revisions"}],"predecessor-version":[{"id":4421,"href":"https:\/\/mcveighproperties.com\/wp-json\/wp\/v2\/posts\/4418\/revisions\/4421"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mcveighproperties.com\/wp-json\/wp\/v2\/media\/4419"}],"wp:attachment":[{"href":"https:\/\/mcveighproperties.com\/wp-json\/wp\/v2\/media?parent=4418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mcveighproperties.com\/wp-json\/wp\/v2\/categories?post=4418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mcveighproperties.com\/wp-json\/wp\/v2\/tags?post=4418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}