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Guide for Purchasing Your First Home

February 28, 2020  |  Alamogordo Tips, Builder Info, Building Tips, Community Profile, Floorplan Tips, Home Buying FAQ, Home Facts

Congratulations! You are ready to purchase your first home. This is an exciting milestone that is a huge commitment that will take a lot of time and effort. But do not worry. The guide below will help you prepare to purchase your new home.

1. Check your credit report and score – Your financial worthiness is determined by your credit score. This number is vital for qualifying for a mortgage. The higher your score, the lower your rate will be. If you find any discrepancies on your credit report, clean them up immediately. Examine your debts and try to pay these off as well. Doing so will help boost your credit score improve and get rid of anything that does not belong. Avoid purchasing big ticket items at this time as to not lower your score.
2. Get pre-approved for a mortgage – This is a highly recommended step. You will get an idea of how much money a lender will loan you and at which rate, instead of getting emotionally attached to a house you truly cannot afford.
3. Determine how much you are willing to spend – Take a look at your finances and decide how much you are willing to spend each month. Account for HOA fees, insurance, taxes, utilities, food, student loans, and other monthly financial commitments.
4. Figure out what kind of home do you want – There are plenty of options when it comes to purchasing a home. What style home will best suit your lifestyle needs? Are there specific features you must have in a home and are those that will be nice to have? Location, size, school district, and floor plan layout are important.
5. Do your homework – Get an idea of what is on the market from online real estate sites and by riding around prospective homes in Alamogordo NM Check out comps of homes in the area to get an idea of what they are selling for.
6. Look into additional funding – There are various ways to secure additional funding including first-time homebuyer programs and military housing assistance. Every bit helps so the more funding you can find the better.
7. Save, save, and save some more – You will want to save for a down payment, usually between 20 to 35 percent, as well as for closing costs which can range between three and five percent.

We hope the guide above will help you prepare to purchase your very first home. We are excited for you and hope that we can help. French Brothers builds in several affordable homes in Alamogordo NM communities. We also have quick move-in homes currently for sale as well. Contact us today at 575-404-1668 for more details.

This post was written by French Brothers.