Question Details

Kristina Dav…, Home Buyer in Rosamond, CA

being a first time home buyer what do i need to know?

Asked by Kristina Davis, Rosamond, CA Mon Apr 8, 2013

How does a First time buyer get information on obtaining a home loan?

Help the community by answering this question:


Well, to start, you should know that the current housing market is extremely competitive. Only the most well-prepared buyers are successful. So, to make sure you're one of those, start by working with a good local Realtor to guide you through the process. The first step you'll need to take is to get a pre-approval from a lender which will let you know what you can afford. Your Realtor can give you some recommendations or you can check with any of the major lenders like Wells Fargo, Citibank or BofA. Wells Fargo is currently dominating loan originations in California.
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1 vote Thank Flag Link Tue Apr 9, 2013
My advice is to work with a really good local real estate agent. Ask around for recommendations from your friends, family and workmates.

Then go find a lender to get pre-approved. Pre-approval will (1) tell you how much you can buy and (2) it will make it more likely a seller will accept your offer and (3) the closing is much quicker. There are lots of programs out there for first home buyers. Your lender can help you weigh each of these. Make sure that you calculate the long-term costs of each (including your mortgage insurance if you put down less than 20%).

Once you have this, make sure you create an honest budget to see what you can really afford including taxes, insurance, repairs, utilities. Try to purchase below your budget.
0 votes Thank Flag Link Tue Apr 9, 2013
That you need to hire a Realtor.
0 votes Thank Flag Link Tue Apr 9, 2013
The very first thing you need to do is get yourself Pre-Approved. I have an awesome program available to you out in your neck of the woods. The USDA RDL $0 Down Program is my specialty. The program offers offer easy qualifying, low rates, quick closings 35 days, and of course NO Down Payment. Please click on the link below and let me know if you have any questions.

Best of Luck!
0 votes Thank Flag Link Tue Apr 9, 2013
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