{"id":226177,"date":"2022-09-02T09:03:42","date_gmt":"2022-09-02T13:03:42","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=226177"},"modified":"2022-12-14T08:47:06","modified_gmt":"2022-12-14T13:47:06","slug":"how-to-buy-your-first-home","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/guides\/how-to-buy-your-first-home","title":{"rendered":"How to buy a house: A guide for first-time buyers"},"content":{"rendered":"<h4 id='pressboard-ad-sponsorship-tag' style='margin-bottom: 35px;'><\/h4><div id=\"attachment_226180\" style=\"width: 4106px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/09\/AdobeStock_136996745.jpeg\" rel=\"lightbox[226177]\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-226180\" class=\"size-full wp-image-226180\" src=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/09\/AdobeStock_136996745.jpeg\" alt=\"Ecstatic young couple celebrating their new home with the young man holding his wife in his arms as she grins and laughs at the camera\" width=\"4096\" height=\"2160\" \/><\/a><p id=\"caption-attachment-226180\" class=\"wp-caption-text\">Purchasing your first home is a joyful moment (photo credit: <a href=\"https:\/\/stock.adobe.com\/ca\/contributor\/46151\/dash?load_type=author&amp;prev_url=detail\" class=\"external\" target=\"_blank\">Dash<\/a>)<\/p><\/div>\n<p>You\u2019re thinking about buying your first home \u2013 congratulations. You\u2019re likely thinking about furniture, paint colors, a home inspection, credit report, and snapping those photos of your family standing on your new front steps.<\/p>\n<p>However, your mind may be swirling with thoughts and questions.\u00a0How\u00a0<em>exactly<\/em>\u00a0do\u00a0buy your first home? Are there homebuyer programs? What are the qualifications for a first-time homebuyer, anyway? What questions do you need to ask yourself?<\/p>\n<p>A home is the single biggest purchase many Americans will ever make. This guide is to help you navigate the questions you will have before you purchase your first home.<\/p>\n<h2><strong>Do you qualify to buy a house as a first-time homebuyer?<\/strong><\/h2>\n<p>Let\u2019s start by defining who qualifies as a first-time homebuyer. According to the <a href=\"https:\/\/archives.hud.gov\/offices\/hsg\/sfh\/ref\/sfhp3-02.cfm\" class=\"external\" target=\"_blank\">U.S. Department of Housing and Urban Development<\/a> (HUD), a first-time homebuyer is anyone who meets any of the following criteria:<\/p>\n<ul>\n<li>An individual who has had no ownership in a principal residence during the three years ending on the property&#8217;s purchase date. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).<\/li>\n<li>A single parent who has only owned with a former spouse while married.<\/li>\n<li>An individual who is a displaced homemaker and has only owned with a spouse.<\/li>\n<li>An individual who has only owned a principal residence not permanently affixed to a permanent foundation by applicable regulations.<\/li>\n<li>An individual who has only owned property, and is not in compliance with state, local, or model building codes cannot be brought into compliance for less than the cost of constructing a permanent structure.<\/li>\n<\/ul>\n<p>Livabl spoke to mortgage expert and vice president of sales\u00a0<a href=\"https:\/\/www.linkedin.com\/in\/nicollette-chapman-8847463\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"external\">Nicolette Chapman<\/a>\u00a0of\u00a0<a href=\"http:\/\/zondahome.com\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"external\">Zonda Home<\/a>\u00a0about what buyers need to consider. Chapman says affordability is the most significant thing homebuyers must consider.<\/p>\n<p>\u201cThe cost of living with inflation has made living expenses more challenging. But people still need to concentrate on the number one factor, whether they have enough money.\u201d<\/p>\n<p>\u201cThey also need to consider if they will save more money if they improve their credit score or if it is more beneficial to put more money down instead. What about the timing? They need to decide if it\u2019s best to buy right now.\u201d<\/p>\n<p>\u201cPotential buyers need to realize that it\u2019s more than just a principal and interest payment; they\u2019re also going to be looking at potentially increased real estate taxes because the more that property appreciates, the higher the tax bill climbs.<\/p>\n<p>\u201cIt\u2019s the same issue with utility costs or home repairs. In addition, the home will require maintenance or homeowners\u2019 insurance, and those things aren\u2019t necessarily fixed in price. Homeowners must understand that once you purchase a home, maintenance costs and taxes will be due in addition to that payment.\u201d<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/09\/AdobeStock_217276102.jpeg\" rel=\"lightbox[226177]\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-226181\" src=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/09\/AdobeStock_217276102.jpeg\" alt=\"Young couple imagining interior of new house. Moving day\" width=\"5500\" height=\"3667\" \/><\/a><\/p>\n<p>There are a plethora of first-time homebuyer programs in many states (Photo credit: <a href=\"https:\/\/stock.adobe.com\/ca\/contributor\/207588960\/pixel-shot?load_type=author&amp;prev_url=detail\" class=\"external\" target=\"_blank\">Pixel-Shot<\/a>)<\/p>\n<h2><strong>Buy with a\u00a0homebuyers\u2019 programs<\/strong><\/h2>\n<p>Virtually every state has homebuyer programs\u2014Nerdwallet lists\u00a0<a style=\"color: #00a0a0;\" href=\"https:\/\/www.nerdwallet.com\/article\/&lt;keywordmarkbg&gt;mortgages&lt;\/keywordmarkbg&gt;\/first-time-home-buyer-programs-by-state\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"external\">each state\u2019s programs and a breakdown of lenders<\/a>, with ratings and descriptions.<\/p>\n<p>For example, a homebuyer in Arizona can seek assistance from the Arizona Department of Housing (ADOH).\u00a0<a href=\"https:\/\/homeplusaz.com\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"external\">Arizona\u2019s Home Plus loan program helps with down payment and closing costs<\/a>. In addition, borrowers can get discounts on mortgage insurance. Home Plus is available in every Arizona city, county, and zip code. More than 32,000 homebuyers in the state have taken advantage of this program.<\/p>\n<p>The Home Buyer Down Payment Assistance Program provides a 30-year fixed-rate mortgage combined with down payment assistance (DPA) ranging from 0% \u2013 5% depending upon the new underlying first mortgage. The DPA can be used toward the down payment, closing costs, or a combination of the two. The DPA is only available in conjunction with a Home Plus mortgage.<\/p>\n<p>The borrower(s) annual income cannot exceed $122,100. In addition, one borrower must complete a home buyer education course before closing. Finally, all borrowers on the mortgage must have a minimum credit score of 640 or better.<\/p>\n<p>The State of New York Mortgage Agency (SONYMA) handles the homebuyer program in the Empire State.\u00a0<a href=\"https:\/\/hcr.ny.gov\/sonyma-programs\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"external\">SONYMA\u2019s lowest rate program<\/a>\u00a0is called \u201cAchieving the Dream\u201d and features the following benefits:<\/p>\n<ul>\n<li>30-year fixed rate<\/li>\n<li>No points *<\/li>\n<li>Down payment requirements are as low as 3% (and 3% down payment assistance available)<\/li>\n<li>A minimum cash contribution of 1% (3% for co-ops)<\/li>\n<li>Available for 1-4 family homes, cooperatives, and condominiums<\/li>\n<li>No prepayment penalties<\/li>\n<li>120-day interest rate locks for existing housing<\/li>\n<li>240-day interest rate locks for properties under construction or rehabilitation, cooperatives, or distressed sales<\/li>\n<li>It can be combined with other SONYMA special features<\/li>\n<li>Other grants and subsidies can be included with no limit<\/li>\n<\/ul>\n<p>Requirements include the standard good credit, stable employment, and you must be using the property as your primary home.<\/p>\n<h2><strong>* Wait \u2013 what are points?<\/strong><\/h2>\n<p>You may have caught the mention of points in the above list. You could encounter points when it\u2019s time to close your home. Here\u2019s what they are and how they work.<\/p>\n<p>Points are included in the closing cost of your home. There are two different types of points: Origination and discount. Origination points cover the lender\u2019s charge during the mortgage creation. Think of them as payment for the loan officer. While origination points aren\u2019t tax deductible, the good news is that many lenders have shifted away from using them, and those that continue to do so are willing to negotiate the fee.<\/p>\n<p>Discount points are used to buy down the interest rate of the mortgage. Think of these points as prepaid interest. The purchase of each point generally lowers the interest rate on your mortgage by up to a quarter of a percent. Most lenders provide the opportunity to purchase anywhere from a fraction of a point to three discount points.<\/p>\n<p>Both origination and discount points equal 1% of your total mortgage. So, for example, if you received a $500,000 purchasing loan, one point would be worth $5,000.<\/p>\n<div id=\"attachment_226182\" style=\"width: 8698px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/09\/AdobeStock_191043200.jpeg\" rel=\"lightbox[226177]\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-226182\" class=\"size-full wp-image-226182\" src=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/09\/AdobeStock_191043200.jpeg\" alt=\"Happy property owners shaking hands with real estate broker after a deal. Young couple handshaking real estate agent after signing contract.\" width=\"8688\" height=\"4934\" \/><\/a><p id=\"caption-attachment-226182\" class=\"wp-caption-text\">Your broker can help you decide which mortgage is best for you (Photo credit: <a href=\"https:\/\/stock.adobe.com\/ca\/contributor\/224608\/jacob-lund?load_type=author&amp;prev_url=detail\" class=\"external\" target=\"_blank\">Jacob Lund<\/a>)<\/p><\/div>\n<h2><\/h2>\n<h2><strong>Fixed-rate mortgage versus adjustable rate<\/strong><\/h2>\n<p>\u201cIn the United States, most mortgages are fixed rate,\u201d Chapman said. \u201cThey\u2019re often 30-year terms. For example, if you bought last year and the interest rate was at 2.5%. You\u2019re locked in at that rate for 30 years or until you sell the property\u201d.<\/p>\n<p>\u201cThe most common mortgages in the adjustable-rate space would be either a 5\/1 adjustable-rate mortgage (ARM), 7\/1 ARM, or a 10\/1 ARM. That means the fixed rate is adjusted after a five-year, seven-year, or ten years respectively, once a year.\u201d<\/p>\n<p>So how do you determine which type of mortgage is right for you? There are a few factors to consider. A fixed-rate mortgage might be right for you if you\u2019re looking for simplicity. A homeowner can easily budget their payment because it doesn\u2019t change. This can bring peace of mind in a volatile market with rising rates.<\/p>\n<p>However, a fixed-rate mortgage becomes harder to justify if rates begin to lower and you\u2019re stuck with a higher rate. The amount of interest you pay will depend on the length of your mortgage term. A shorter term means it will cost you less in the long run, whereas a longer term will have lower payments, but you\u2019ll pay far more interest over the mortgage cost.<\/p>\n<p>The benefits of an ARM are the lower monthly payments in the early years of a mortgage. A borrower who chooses an ARM may save several hundred dollars a month for up to seven years, after which their costs are likely to rise. The new rate will be based on market rates, not the initial below-market rate. If a buyer has luck on their side, it may be lower depending on the market rates at the time of the rate reset.<\/p>\n<p>The biggest problem with ARMs is the potential volatility of your monthly payment. You must be prepared for your payment to change many times throughout your ARM. Once you\u2019re out of your initial five-, seven-, or ten-year period, you\u2019re beholden to the market\u2019s fluctuations. When the rate adjusts, the new rate is calculated by adding an index number to a margin specified in your mortgage documentation. Common indexes used to figure out rates for ARMs include the Secured Overnight Financing Rate (SOFR), the Cost of Funds Index (COFI), and the Constant Maturity Treasuries (CMT).<\/p>\n<p>Ultimately, ARMs are best for short-term homeowners or those who intend to pay off their homes in a short amount of time.<\/p>\n<p>Here are the questions you should be asking yourself before deciding on fixed rate versus ARM:<\/p>\n<ul>\n<li>What\u2019s the size of the mortgage payment you can afford today?<\/li>\n<li>Could you still afford an ARM if rates rise?<\/li>\n<li>How long do you intend to live in this home?<\/li>\n<li>Rates are on a significant upswing \u2013 do you have reason to believe they will continue in that direction for the foreseeable future?<\/li>\n<\/ul>\n<h2><\/h2>\n<h2><strong>My credit score is terrible, am I ready to buy a home?<\/strong><\/h2>\n<p>Talking mortgages is much easier when you have a sparkling credit rating. But what happens if you\u2019re carrying a mountain of debt and your rating is in freefall?<\/p>\n<p>\u201cCredit is one of those things you absolutely can fix,\u201d Chapman said. \u201cWhen you are interviewing mortgage companies and lenders to get pre-qualified, don\u2019t be scared. There are a lot of people out there that think they have bad credit, and so it\u2019s embarrassing for them. Or they don\u2019t think that they\u2019ll ever be able to qualify.\u201d<\/p>\n<p>\u201cIt\u2019s a much prettier picture than what they think it\u2019s going to be. A great mortgage company is going to have plans in place that are going to be able to do a run of the numbers. It says if we look at your credit and pay off your high-interest credit cards, your credit score will jump. At that point, we\u2019ll be able to get you qualified in many situations. It\u2019s attainable in a small amount of time.\u201d<\/p>\n<p>That doesn\u2019t just go for banks. Builders may be willing to help you out, too.<\/p>\n<p>\u201cMany builders are willing to say, \u2018Listen, if you stay on track, we will work with you to help you build a home.\u2019 The biggest advice I would give is not to be afraid to look and to talk to a good mortgage company willing to help.\u201d<\/p>\n<p>\u201cMany people don\u2019t understand that scoring credit for homes is different than purchasing a car or securing a credit card. Often people think they need to pay off everything to get their credit to where it needs to be. A lot of times, it\u2019s not the case. For example, maybe you have a medical debt that doesn\u2019t necessarily go against you when qualifying for a mortgage. Work with someone qualified to understand what your credit needs to look like to qualify for a mortgage.\u201d<\/p>\n<h2><strong>How do you find your mortgage broker?<\/strong><\/h2>\n<p>So, you\u2019ve decided on the type of mortgage you want. What should you look for in a mortgage broker?<\/p>\n<p>\u201cThe number one factor is trust,\u201d Chapman said. \u201cYour home builder or your realtor partner should have been in the business a long time and know how to communicate well with people.\u201d<\/p>\n<p>\u201cMy best advice would be to talk to different lenders. Buyers should get three different rates or talk to three different lenders to understand what their rates are or what programs they might have. It will help them gain an understanding of how these comfortable you\u2019ll be dealing with them. A big piece of a successful closing is which lender you choose.\u201d<\/p>\n<p>\u201cAnd don\u2019t forget about your home builder,\u201d Chapman added. \u201cMany of them offer incentive money if you use their preferred lender. For example, they might help put money towards closing costs or if you don\u2019t have money put down on the home, which is attractive for a new homebuyer and different than the resale community.\u201d<\/p>\n<p>\u201cBuilders say, \u2018OK, we\u2019ll give you $10,000 towards your closing costs.\u2019 Or what\u2019s happening now is many home builders will say, \u2018Instead of using that $10,000 towards closing costs because you\u2019re using a program that\u2019s covering it \u2014 let\u2019s take that money and buy your rate down.\u2019\u201d<\/p>\n<p>\u201cSo instead of qualifying at a fixed percentage rate, we\u2019re able to buy the rate down to 5%, which will save you several hundred dollars on your monthly payment. There are all sorts of ways to be creative right now with working with builders and their lenders to help make housing more affordable.\u201d<\/p>\n<h2><strong>What kind of first-time home to you want to make an offer on?<\/strong><\/h2>\n<p>It\u2019s time to ask yourself the questions you need to consider before making your big purchase.<\/p>\n<p>It may seem obvious, but you must decide what type of home you want and if that desire truly matches your needs. If it\u2019s just the two of you (and you intend to keep it that way), do you need a 3,500-square-foot house, or would those funds be better served elsewhere? If you\u2019re a family of five with kids on the verge of becoming teenagers, how happy will you be in a 1,300-square-foot townhouse?<\/p>\n<p>Keep in mind the features you want to see in this home. If your family spends a lot of time getting ready to go out, you might want to look for multiple bathrooms. Are you working from home? Pick a house with a bedroom that can double as an office or dedicated flex space for your desk. Don\u2019t forget about a fenced backyard if you have a dog.<\/p>\n<p>Your wants matter as much as your needs, but ultimately you want to plan for the place that makes the most financial sense and offers long-term comfort.<\/p>\n<p>Be realistic about your current financial situation. Do you have any savings? What are your current spending habits like \u2014 do they need to be controlled? Finally, check on your credit rating. Generally, to qualify for a home loan, you\u2019ll need good credit, a history of paying your bills on time, and a maximum debt-to-income (DTI) ratio of 43%.<\/p>\n<p>Lenders limit housing expenses (principal, interest, taxes, and homeowner\u2019s insurance) to about 30% of the borrowers\u2019 monthly gross income. However, this figure can vary widely, depending on the local real estate market.<\/p>\n<p>How much house can you truly afford? Just because a lender qualifies you for a vast sum of money doesn\u2019t mean you should take it. Make sure you\u2019re leaving room to budget for all the necessities (utilities, clothes, food, transportation, insurance) and savings for entertainment and possible emergencies. Being house-poor isn\u2019t a fun way to start your homeowner\u2019s journey.<\/p>\n<h2><strong>Welcome to your dream home<\/strong><\/h2>\n<p>Purchasing your first home may be one of the most stressful events of your life, but it should also be gratifying. The feeling of finally having ultimate control over the space in which you live is satisfying. In your first days as a homeowner, you may find yourself grazing your hands over the walls and doors and thinking, \u201cI own this.\u201d We won\u2019t ruin the fantasy of mentioning the technicality of your lender. Just enjoy the moment. You\u2019ve earned it.<\/p>\n<div id='pressboard-ad-sponsorship-msg'><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Are you ready to purchase your new home but don&#8217;t know where to begin? This extensive how-to guide will give you all the information you need, from affordability considerations to mortgage types and lingo, in addition to tips on how to shop for your broker. <\/p>\n","protected":false},"author":48,"featured_media":226180,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2022-10-02T13:03:58Z","apple_news_api_id":"737ba84f-3332-434e-bb76-f8fde18aeeab","apple_news_api_modified_at":"2022-10-03T14:20:46Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAQ==","apple_news_api_share_url":"https:\/\/apple.news\/Ac3uoTzMyQ067dvj94Yruqw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11118],"tags":[11224,11141,11221],"coauthors":[10278],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to buy a house: A guide for first-time buyers | Livabl<\/title>\n<meta name=\"description\" content=\"This how-to guide explains how to buy your first home. 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