Are You A First-Time Homebuyer?

Do you know that if you haven't owned property in the last three years, you're considered a first time buyer?

First-Time Homebuyer Video Resources

First-Time Home Buyer Advice
You can’t know everything there is to know about buying a home, especially when you’re a first-time homebuyer.
How much down payment do I need for a house?
Many first-time homebuyers believe they have to put 20 percent down on a home. But that’s far from true.
Why do people say you need 20% down?
Average down payments are well under 20 percent. So why do so many people say 20 percent down is the minimum.
How to choose a mortgage lender as a first time home buyer
One of the biggest mistakes first-time homebuyers make is not shopping around for a mortgage.
What credit score do you need to buy a house for the first time?
Most loan programs require a credit score of 620 or higher to buy a house for the first time. That includes conventional loans, most VA loans, and USDA loans (which require 640+).
What qualifies you as a first-time buyer?
If you’re buying your first-ever home, you’re a “first-time homebuyer” by default.
Do I need a home inspection?
Some loan types, like the FHA and VA mortgage programs, require a home inspection to make sure the home meets requirements for safety and affordability.
What are points? How do I know if I should buy them or not?
A point is simply 1 percent of the loan amount. If you choose to “buy your rate down,” or pay “discount points,” you will get a lower interest rate.
What is Private Mortgage Insurance (PMI)?
Private Mortgage Insurance (PMI) is an insurance policy that makes homeownership possible for homebuyers who don’t want to make a 20 percent down payment.

If you are a first time home buyer, here are some helpful hints and tips to learn how to avoid common mistakes when buying your first home. 

  • List of Needs and Wants: Make 2 lists. The first should include items you must have (i.e. the number of bedrooms you need for the size of your famimly, a one-story house if accessibility is a factor, etc.) The second list is your wishes - things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for. 
  • Visualize the house empty and with your decor: Are the rooms laid out to fit your needs? Is there enough light?
  • Be objective: Instead of thinking with your heart when you find a home, think with your head? Does this home really meet your needs? Don't make a hurried decision that you may regret later. 
  • Representation by a professional: Hiring an experienced team like Beach Team can give you access to off-market properties and private exclusives, while we guide you smoothly through the home buying process.

If you have questions or are ready to begin the first-time home buying process, just complete the form below, and a member of our team will be in touch shortly!

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