how do i buy a home for the first time?

Answer 1

It's not too hard, really.

First, you should find a reputable mortgage broker who knows what they're doing. Finding a "rookie" loan officer will be a huge waste of time, kinda like the blind leading the blind if you've never done this before.

Make sure they have a good reputation, you might want to check their record with the Better Business Bureau.

Once you have your prequalification letter in hand, you'll know how much you can afford. Then all you have to do is start looking for houses in that price range. You may want to have a real estate agent help you look at homes. The best part about that is you don't pay their commission, they home's seller pays it!

Then once the offer is accepted on a house you like, the title or closing agent handles all the paperwork for you.

Answer 2

You must first "buy" the money to buy the house, so go to lending institutions and find out, based on your income and debt, how much money they will lend you and at what interest rate. How much can you borrow and be comfortable.

For a first time buyer, look for a motivated seller - someone who lost their job, getting a divorce, job transfer, sick, etc. Then start making your offers. This may include somneone who will help by giving you a second loan in exchange for a mortgage.

Remember, your first house will not be the one you like - only the one you can afford. You get a loan and give a mortgage, not the other way around.

Good luck.
Sonny

Answer 3

First you need to know what you're doing and get the assistance of a licensed professional.
To the extent that you need to know what you are doing you need to find out about the property and its conditions and the locations of the property as it will affect your ability to enjoy it and to hopefully get a gain on your investment.
Here are just some of the links we recommend to our first time home buyers to look at before we start making appointments to show the properties on the market;
EPA: Finding out about your local drinking water quality: http://www.epa.gov/safewater/dwinfo/inde...
EPA: Drinking water in Schools and Child Care Facilities: http://www.epa.gov/safewater/schools/ind...
FBI Sex offender web sites for all states: http://www.fbi.gov/hq/cid/cac/states.htm...
US Census Bureau for real estate information all states: http://www.census.gov/
National Weather Service: http://www.nws.noaa.gov/
Information on any city in the USA: http://www.bestplaces.net/
Information on any school: http://www.greatschools.net/
Law enforcement agencies throughout the US: http://www.usacops.com/
Search for cities & Counties in the US: http://www.naco.org/template.cfm?section...
HUD: New residential Construction permits: http://www.census.gov/indicator/www/newresconst.pdf
Drug Enforcement Administration: http://www.dea.gov/
Immigration Information: http://www.uscis.gov/graphics/
Links to States' Legislative Ethics and Lobbying Laws: http://www.ncsl.org/programs/ethics/e_ethicsURLs.htm
2006 Market-by-Market Home Price Analysis Reports* from National Association of REALTORS®:
http://www.realtor.org/Research.nsf/pages/MetroHomePriceAnalysisReports?OpenDocument
FBI: Uniform Crime Reports: http://www.fbi.gov/ucr/ucr.htm#cius
FBI: Crime reports for each State: http://www.fbi.gov/ucr/05cius/data/table_08.html
In addition to the above links that will impact your purchase there is a whole lot more for your state and this is one of the reasons why you should work with a licensee that can guide you through the maze of information that they should know about to really help you including loan programs available to you and other state laws affecting real estate purchasing.
Buena Suerte

Answer 4

First step is to get pre approved for a loan. Try these guys they can help!

Answer 5

- 5X salary mortgage
- Buy abroard
- Buy in the past

Answer 6

you need to start by getting a good real estate agent. if you don't already have one, there are tons of great ones on this directory: http://www.idxbroker.com/news/256_IDX,_Inc._Introduces.php (just click on your state) good luck ;)