First thing you want to do is Determine your Budget:

It’s important to be sure that you are able to afford a home before submitting your application, applying for a mortgage loan may affect your credit score. Once of the best things to do is use a mortgage calculator and an online real estate database for the area where you considering moving to determine if your income can support a home purchase. Make sure when calculating you include other expenses outside your monthly mortgage payments, for example things such as homeowners’ insurance and Maintenance.

Second thing you want to do is Get Pre-Approved for a first-time Mortgage:

So you’ve done all the calculations and decided now is the perfect time for you to start the process to purchase your first home, here is what you want to do next. The next step is you want to get pre-approved for a mortgage. Getting a Mortgage Pre-Approval Is a tentative agreement from a mortgage lender to finance your home purchase up to a maximum dollar amount. Now is also a great time to begin applying for a first-time homebuyer program designed to help you cover your down payment. Two particular options available are:

HOMEownershop Down Payment and Closing Cost Assistance: This program provides generous financial help for low-income buyers. Depending on your income and home location eligibility, you may qualify for up to 15% in down payment assistance plus an extra $2000 or more towards closing costs.

Virginia Housing Down Payment Assistance Grant: Virginia Housing offers variable down payment assistance grants for low to medium income residents throughout the state. This assistance is issued as a grant, which means that it never needs to be repaid as long as you meet the lender’s conditions. Additional assistance may be available from your local government.

Third thing you want to do is Hire a Real Estate Agent:

Once pre-approved you can begin searching for a real estate agent to help assist you in your home search. While you are required to hire an agent to purchase your first home, I do feel it is in your best interest to do so. They can assist you in drafting your offer letter. They always have a better understanding of what you need before you know what you need. So, make sure when you’re sitting down with your agent that you tell them specifically everything your looking for in your dream home. But know when to be flexible on some things as not all homes are going to be tit for tat exactly how you want it. Especially if they are trying to keep you within your budget as well. They know all the best buys and are great at finding better homes for you to tour. They always have the best advice regarding lenders or down payment assistance program options, and they will communicate with the current homeowner of the property you are interested in to negotiate contingencies.

Fourth thing you want to do is Make an Offer:

This one is pretty self-explanatory. When you find your dream home that you want to purchase, sit down with your agent, and draft the office offer letter. This will be the official letter you submit to a homeowner proposing that you buy the home we well as the details of the sale. Your agent will come up with a competitive offer based on the local area market and if the seller accepts the offer, you’re almost at the homeownership finish line.

Fifth thing you want to do is Conduct a Home Inspection/Close the Deal and Become a Homeowner.

This will be the last and final step of the home buying process. While a home inspection is not required by lenders in the same way that an appraisal is, it’s not advised to skip this portion of the buying process. When conducting this process, a property condition expert will take a tour of your potential property to reveal any major damage or areas that will need to be repaired after you take over as homeowner. If there aren’t any major/large problems, you weren’t already aware of then you’re one step closer toward closing on your dream home.

The final step in the mortgage process is the closing the sale on your home. During the closing meeting, you provide proof of transfer for your down payment and sign your mortgage loan. At the conclusion of the meeting, you will be the official new owner of Your Dream Home!! From here, your responsibility is to be sure that your mortgage payment is in each month and to enjoy your new home.