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First time buying
Ready to Buy Your First Home?
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First-Time Homebuyer Steps
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Get Preapproved
For first time home buyers, you can buy traditionally or access one of our exclusive DubbleUpp programs. DubbleUpp allows you to either Buy Twice the Home for Half the Money or Buy a Home with Zero Money Down. Click here for more information. There is no better way to start way to start on your wealth plan.
Talk with Mortgage Banker About Your Options
After reviewing your application, click here and we can discuss what options you have for purchasing your first home. We will walk through the entire loan process so you are familiar with the process and avoid surprises.
Talk with an Agent About Goals and Qualifications
Because we are an all-in-one company, your CityWorth agent will already have access to your preapproval and will be ready to help you find your first home and begin creating wealth.
House Hunting
This is arguably the best part of buying a new home. Shopping. Use our home search listing site to find homes in your area, save searches, and easily notify your agent when you see a house you link. We have a nationwide network of home showing agents that can meet you whenever you want and allow you to see a home.
Making an Offer
When you’ve finally found “the one,” it’s time to make an offer. This can become a strategic chess game, and you (and your realtor) must find the balance that will get you the house without compromising your budget.
Scheduling an Inspection
Don’t underestimate the importance of a home inspection. This might seem like a superficial item on your home buying to-do list, but it can make or break a purchase. A home inspection can tell you about the major and minor issues present in your prospective home.
Getting an Appraisal
An appraisal determines the fair market value of a property or home. It assures your mortgage provider that you’re paying a fair price for your new home. Lenders will often order an appraisal before closing, and it typically costs a few hundred dollars, paid for by the borrower.
Preparing to Close
Before you close on the property, you’ll take a final walkthrough to ensure everything is as it should be. If fixes were stipulated in the contract, this is the time to give them the final look-over. You will receive paperwork from your CityWorth mortgage banker – here are some helpful tips to understand the industry language.
Moving In
It’s finally time to enjoy the fruits of your labor! After all, the i’s are dotted and the t’s crossed, you can pick up your keys from the seller and prepare for the big move. But wait—you’re not quite finished yet. Before you settle in and get comfortable, you’ll need to do a few things to make your house habitable:
- Secure the house by changing the locks and codes
- Hook up the necessary utilities like gas, water, electricity, air, and internet
- Check the smoke and CO2 detectors
- Investigate the circuit box and learn how the breaker works
- Find out where the water mains are
- Review your home warranty and make a maintenance to-do list based on your inspection
- Do a deep-clean
Concluding your Move
Homeownership is a monumental decision for anyone. And despite all its stresses, it is an incredibly rewarding endeavor. At CityWorth Homes, we know that owning a home isn’t the end of your journey; it’s just the beginning. That’s why we’re passionate about finding you the perfect home, whatever you’re looking for.
At CityWorth, our goal is to make your homeownership dreams come true.
Special First-Time Homebuyer Programs
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Common FAQs
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While this decision is ultimately up to you, there are a few indicators that show you may be ready to buy. Some of the things you should have in preparation for a mortgage approval include a good credit score, steady employment history, proof of income, money for a down payment and closing costs, and a low debt-to-income ratio (DTI).
A down payment is the amount of money you put towards the sales price of a home. It reduces the amount of money you will have to borrow and it is typically expressed as a percentage of the price. Down payments vary based on the loan type, the mortgage lender, and your finances.
With conventional loans, you can put as little as 3% down. Some loan programs, such as VA loans, don’t require a down payment.
Realtors are trained to help people buy and sell homes. They provide up-to-date information on current market conditions, home and neighborhood data, and real estate protocol. Additionally, they have access to thousands of available properties and are highly skilled in contract negotiation. They help coordinate every aspect of the transaction so you can have a smooth experience.
Your credit impacts your eligibility to be approved for a mortgage. While some lenders may
work with lower credit scores, it is recommended to raise it as much as possible. A higher credit
score will not only improve your eligibility but it also increases the amount you can borrow and
qualifies you for a lower interest rate.
Private mortgage insurance (PMI) is a type of insurance that protects the lender in case you
default on your loan and your home goes into foreclosure. Most lenders will require you to take
out PMI if your down payment is less than 20% of the home’s sales price. PMI is typically 0.5%-
1% of the mortgage annually and is included in your monthly payment. Once you have paid off
enough of your mortgage’s principal, PMI may be removed.
Your monthly mortgage payment is comprised of four main factors—principal, interest, taxes, and insurance (homeowner’s and PMI). Another factor that can contribute to your monthly payment is your HOA fee if you have one. These factors calculate how much your monthly mortgage payment will be. Be mindful of other monthly expenses that are not included in your monthly mortgage payment such as utilities and maintenance.
Recommended Resources
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