First Time Hombuyer Guide.

First-Time Homebuyer Guide

If you are considering buying your first home, this First-Time Homebuyer Guide can help you get started, understand the process, and know what to expect as you begin this exciting journey into homeownership.

There are a lot of advantages to owning a home, and additionally to being a first-time homebuyer. You may qualify as a first-time homebuyer even if you have owned a home in the past, but it’s been over three years, or your spouse has not previously owned a home. Even if you owned a home with a former spouse but are now single, you may still be considered a first-time homebuyer and have access to state programs, tax breaks and federally backed loans.

First-Time Homebuyer Guide

Getting Started

  1. Financial Audit
    The first step in preparing for homeownership is to do an audit of where you are financially and where you need to be to afford to buy a home. It’s prudent to have a minimum of three months’ living expenses in a savings account before you apply to get preapproved for a mortgage. In fact, you probably won’t be able to get preapproved without it. Lenders will also look at how much debt you have such as credit cards, auto loans, etc. as a major factor in determining whether you qualify and how much you can borrow for a new home.
  2. Detailed Budget of Expenses
    You should make a detailed budget to know exactly what your expenses are each month and how much you are able to allocate to a mortgage payment. Calculate everything you pay each month and don’t forget to include quarterly and annual payments for things like insurance or other expenditures that aren’t paid monthly.

Next Steps

  1. Getting Preapproved
    Before rushing out to look at homes, it’s a good idea to get preapproved with your lender. That way you know how much you can pay for a new home including the monthly mortgage payment, down payment and closing costs. There are loans available for first-time homebuyers that may have a reduced down payment amount or no down payment. In some states, home sellers pay the bulk of the closing costs and new home builders are often able to reduce closing costs for their homebuyers as well.
  2. What Type of Home do You Want?
    Looking at homes and neighborhoods online is a great way to get an idea of what’s available, determine your likes and dislikes and get an idea of the current real estate market pricing. Most real estate syndication sites like Zillow and Realtor.com show interactive maps of where the homes are located, school districts, and detailed photos and videos of the homes. They will also list the number of bedrooms and bathrooms, interior and exterior details, number of floors, and even appraisal estimates.

Finding A Home

  1. Finding A Buyer’s Agent
    If you’ve never been through the home buying process before, you would probably benefit from hiring a real estate agent, often referred to as a buyer’s agent, to help you find and purchase your first home. Buyer’s agents typically get paid from the seller’s proceeds. Make sure to check ratings, get referrals and ask a lot of questions when choosing a buyer’s agent to make sure you find someone that will work well with you, and for you. Your buyer’s agent will help you find homes to tour, explain terms you may not be familiar with such as due diligence money and earnest money, check for visual problems with the homes you tour, determine community HOA fees, if any, and help you make an offer when you find a home you want to purchase.
  2. Looking For a Home
    Once you’ve done some initial research online it’s time to narrow down your list of homes and make plans to tour homes and neighborhoods. If you’re working with a buyer’s agent, you can send them your list and they will also find similar homes to show you based on your preferences and budget. You can take advantage of open houses in the area to tour homes on your own, but make sure to let any Realtor or private party seller know that you are working with a buyer’s agent before getting too far along in the conversation.

Buying A Home

  1. Making an Offer
    Once you find a home you really like, you’ll want to be able to make an offer. To do that you’ll need financing. There are a number of mortgage programs available, with some specially tailored to first-time homebuyers. You may only need to put down 5% or less for a down payment as a first-time homebuyer Vs the standard 20%.
    First Time Homebuyer Programs by State
  2. Buying a Home
    The home buying process varies depending on whether you are buying a resale home or a newly built home. With a resale home, you will need to have a professional home inspector go through the home to find any existing issues and generate a list of things that you may need to repair within the next year or two. A newly built home will come with a new home warranty to protect your investment for at least one year. Some builders, including McKee Homes, offer a more comprehensive home buyer’s warranty program that covers systems for two years and the structure for up to 10 years.In either case, you’ll need to have the home appraised which will be one of the determining factors in how much you can borrow against the home. Your buyer’s agent can walk you through the closing process and your lender can give you a list of all fees that may be part of your closing costs such as private mortgage insurance, title insurance, taxes, etc.

Homeownership

It’s easy to get overwhelmed during the home buying process but with the help of this First-Time Homebuyer Guide to help you visualize each step of the process, you can find your way to homeownership and a brighter future.

It may take a few months or even a year from start to finish, but if you work through each step of this First-Time Homebuyer Guide and take advantage of the assistance available from lenders, real estate agents, government programs and home builders, you can become a homeowner and start building equity for your future!

 McKee First-Time Homebuyer Guide

Resources

If you want more information about buying a newly built home, please contact us at 910-672-7296 or use our Contact Us page form. Our friendly, knowledgeable online sales consultants can answer any questions you have about the new home buying process and our 2-10 Homebuyer’s Warranty.

If you want to get preapproved for a mortgage with our preferred lender, please visit our New Home Financing web page which includes a free mortgage payment calculator and links to get preapproved online.

The post First-Time Homebuyer Guide appeared first on McKee Homes Blog.


Keep up to date On Instagram

PREVIOUS
NEXT
FINAL OPPORTUNITIES! Colbert Place is a peaceful tucked-away community in Leland, NC, just five minutes from Downtown Wilmington!

Explore these must-see sites nearby the community in the Leland-area:
 - Brunswick River Walk
 - House of PickleBall
 - Area Kayaking, Boating, & Fishing
 - Golfing 
 - Shopping, Dining, & Entertainment
 - Wilmington Tours & Cruises 
 - Wilmington Attractions & Historic Sites

Book your community tour today!
Congrats to our winner of the Graceland Realtor Event, Tatyana!

McKee Homes paid for headshots for those who attended this wonderful event!

Big thanks to all those who came out and participated!
FINAL OPPORTUNITIES: Seaside Bay features a community boat launch, waterfront park with fire pit, outdoor grill and gazebo, walking trails and a gate to keep your home private and safe .... what more could you even ask for in a coastal community? 

Seaside Bay is located in Supply, NC (just south of Wilmington), is close to the beautiful seaside towns of Shallotte and Southport, beaches, like Holden Beach, Sunset Beach and Oak Island and other great restaurants and entertainment, perfect for the whole family!

Book your community tour today!
Attending the North Carolina Home Expo this weekend at Crown Complex Expo Center in Fayetteville? Stop by our booth and check out what McKee Homes has to offer!

 ◼️May 19th - 21st
 ◼️Crown Complex Expo Center
 ◼️Stop by and learn about our new home opportunities across Eastern North Carolina!
It's the last weekend of the Wilmington Parade of Homes 🏡

Our Woodlands at Echo Farms community, located in Wilmington, NC, is featured in this year's Parade! 

Woodlands at Echo Farms offers upscale, yet affordable living in the heart of coastal Wilmington, just a few minutes from Downtown Wilmington, Wrightsville Beach and Carolina Beach. 🌊

Stop by and see this award-winning home for yourself!
 
 ▪️ May 6 - 7
 ▪️ 12PM - 5PM
 ▪️ 506 Musket Bay Dr, Wilmington, NC 28412
We’re excited to have received recognition from the Wilmington Parade of Homes! 🎉

The kitchen and laundry room of our Brooks model home at the Woodlands at Echo Farms received the Judge’s Choice award for layout and selections! 

Sending a special thank you to the Wilmington Parade of Homes for their constant support and recognition of home builders in this beautiful coastal area.

Stop by and see this award-winning home for youself, The Parade of Homes starts TODAY!
 ◾ April 29 - 30 & May 6 - 7
 ◾ 12PM - 5PM
 ◾ 506 Musket Bay Dr, Wilmington, NC 28412

For more information, visit the link in our bio!
Discover the charm of Elliot Farms! 🌻 

Phase two is officially open and we're thrilled to invite you to our wonderful community located in Fayetteville. 
 ◾ 1,576 - 3,274 square feet
 ◾ 3 - 5 bedrooms
 ◾ 2 - 3 bathrooms
 ◾ Stop by for a visit!

Book a tour and experience the convenience, comfort, and beauty of Elliot Farms today! 🏡 

#ElliotFarms #NewPhase #FayettevilleLiving #Fayetteville #BookATourNow
From shamrocks to rainbows, and leprechauns too, Happy St. Patrick's Day, may luck follow you! 🍀
We're excited to celebrate #WomenInConstructionWeek! 

Women in Construction Week raises awareness and celebrates the work of women in the construction industry across the country

The National Association of Women in Construction was founded in 1998 to continue its mission of strengthening and amplifying the success of women in the industry.

Although the construction industry remains largely male-dominated, McKee Homes believes in empowering women.

#webuildlifechangingmoments
Experience the ultimate resort-style living at The Walk at East Village located in Clayton, NC, designed exclusively for active adults! With a wide range of luxurious amenities, every day feels like a vacation. 

Come and be a part of our community today! 

Book a tour, and we'll see you there. 

#newhome #activeadults #resortstyleliving #luxuryliving #communitygoals