{"id":1069,"date":"2023-02-17T06:48:01","date_gmt":"2023-02-17T06:48:01","guid":{"rendered":"https:\/\/alturasrealty.com\/?p=1069"},"modified":"2023-08-01T06:47:55","modified_gmt":"2023-08-01T06:47:55","slug":"how-to-buy-a-house-for-the-first-time","status":"publish","type":"post","link":"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/","title":{"rendered":"How to Buy a House for the First Time? Discussing the Basics of Home Ownership"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Purchasing a home for the first time can be a daunting experience, but it&#8217;s also a significant milestone for many people.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless of your age or financial situation, there are several key considerations to take into account when making this life-changing decision.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This guide &#8216; How to buy a house for the first time&#8221; will provide you with <\/span>home-buying tips<span style=\"font-weight: 400;\"> and valuable advice on navigating the challenges of buying a home for the first time, from identifying your priorities to securing the right financing and finding your dream home.<\/span><\/p>\n<p>Check out <a href=\"https:\/\/alturasrealty.com\/los-angeles\/\">Best House for sale in Los Angeles<\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_55 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-662eba2f0687a\" ><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input aria-label=\"Toggle\" aria-label=\"item-662eba2f0687a\"  type=\"checkbox\" id=\"item-662eba2f0687a\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#Who_is_Qualified_to_Buy_a_House_for_the_First_Time\" title=\"Who is Qualified to Buy a House for the First Time?\">Who is Qualified to Buy a House for the First Time?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#Potential_Candidates_for_First-Time_Home_Ownership\" title=\"Potential Candidates for First-Time Home Ownership:\u00a0\">Potential Candidates for First-Time Home Ownership:\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#Steps_to_Buying_a_House_for_the_First_Time\" title=\"Steps to Buying a House for the First Time\u00a0\">Steps to Buying a House for the First Time\u00a0<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#1_Find_Your_Dream_Home\" title=\"1. Find Your Dream Home\">1. Find Your Dream Home<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#2_Choose_Your_Financing_Option\" title=\"2. Choose Your Financing Option\u00a0\">2. Choose Your Financing Option\u00a0<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#Fannie_Mae_and_Freddie_Mac_Conventional_Loans\" title=\"Fannie Mae and Freddie Mac Conventional Loans:\">Fannie Mae and Freddie Mac Conventional Loans:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#Government-Sponsored_Loan_Schemes\" title=\"Government-Sponsored Loan Schemes:\">Government-Sponsored Loan Schemes:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#3_Get_Reliable_and_Affordable_Lender_Services\" title=\"3. Get Reliable and Affordable Lender Services\">3. Get Reliable and Affordable Lender Services<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#4_Making_An_Effective_Offer\" title=\"4. Making An Effective Offer\u00a0\">4. Making An Effective Offer\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#5_Schedule_Your_Home_Inspection\" title=\"5. Schedule Your Home Inspection\">5. Schedule Your Home Inspection<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#6_Perform_the_Legal_Documentation\" title=\"6. Perform the Legal Documentation\u00a0\">6. Perform the Legal Documentation\u00a0<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#The_Sale_Deed\" title=\"The Sale Deed:\u00a0\">The Sale Deed:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#The_Mother_Deed\" title=\"The Mother Deed:\u00a0\">The Mother Deed:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#The_Sale_And_Purchase_Agreement\" title=\"The Sale And Purchase Agreement:\u00a0\">The Sale And Purchase Agreement:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#The_Building_Approval_Plan\" title=\"The Building Approval Plan:\u00a0\">The Building Approval Plan:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#The_Possession_Letter\" title=\"The Possession Letter:\u00a0\">The Possession Letter:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#The_Completion_Certificate\" title=\"The Completion Certificate:\u00a0\">The Completion Certificate:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#The_Allotment_Letter\" title=\"The Allotment Letter:\u00a0\">The Allotment Letter:\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#7_Closing_of_the_Deal\" title=\"7. Closing of the Deal\">7. Closing of the Deal<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-for-the-first-time\/#Congratulations_You_Have_the_Keys_to_Your_Dream_Home_Now_What_to_Do_Next\" title=\"Congratulations! You Have the Keys to Your Dream Home! Now, What to Do Next?\u00a0\u00a0\u00a0\">Congratulations! You Have the Keys to Your Dream Home! Now, What to Do Next?\u00a0\u00a0\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Who_is_Qualified_to_Buy_a_House_for_the_First_Time\"><\/span><span style=\"font-weight: 400;\">Who is Qualified to Buy a House for the First Time?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Apart from the specialised loans and mortgage schemes you will get as a first-time home buyer, a specific eligibility criterion qualifies you as a first-time home buyer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">By considering these qualifications, you can access hundreds of government-based benefits, and your journey to becoming a homeowner will become easy, quick and hassle-free.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">So, here we have discussed the eligibility criteria for first-time home buyers. Let&#8217;s have a quick look at them!<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The person should be financially stable enough to pay the down payment of the house as low as 3% as most of the loans and mortgage schemes come with 3% or 3.5% as a down payment ratio.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Technically, a minimum 500 credit score is required for buying a home for the first time. But based on the mortgage and loans scheme, having a 680 credit score will qualify you for the loans.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The debt-to-income ratio of the person falls below 43% overall.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The person must have a clean credit history.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The person has a stable income and at least two years of job history in an authorised organisation.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Potential_Candidates_for_First-Time_Home_Ownership\"><\/span><b>Potential Candidates for First-Time Home Ownership:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A person who hasn&#8217;t owned a property in the last three years.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A person who owns a mobile house only wants to buy a land-based house.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A single parent who has or hasn&#8217;t owned a home with the spouse.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A person buying a home with a spouse who is not a homeowner.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A single person who has only owned a home with the spouse before in marriage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A person who owned a home as a residence three years ago. That home now serves investment purposes, and the person has lived in a rental home for the last three years.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Steps_to_Buying_a_House_for_the_First_Time\"><\/span><span style=\"font-weight: 400;\">Steps to Buying a House for the First Time<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-1109 size-large\" src=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-2-1024x576.jpeg\" alt=\"How to Buy a House for the First Time\" width=\"1024\" height=\"576\" title=\"\" srcset=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-2-1024x576.jpeg 1024w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-2-300x169.jpeg 300w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-2-768x432.jpeg 768w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-2.jpeg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Whether you consider price negotiation and the real estate industry&#8217;s trends or complex legal documentation and additional expenses, <\/span>buying a house for the first time<span style=\"font-weight: 400;\"> is undoubtedly not a piece of cake.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From choosing the right neighbourhood to managing the expenses after buying a home, you will face hundreds of intractable problems.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Still, you can only effectively tackle them if you have the proper process of buying a home and are fully aware of the problems and their solutions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And this is exactly why we have discussed <\/span>how to buy your first home<span style=\"font-weight: 400;\">. So, make sure you give them a thorough read and follow them to avoid any kind of hassles in the future. Let&#8217;s get started!<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Find_Your_Dream_Home\"><\/span><span style=\"font-weight: 400;\">1. Find Your Dream Home<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Finding a home according to your financial, social and accommodational needs requires consistent time and effort. From having a good neighbourhood to a supply of utilities, you will end up rejecting hundreds of homes before finding your dream one.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, if you are planning to buy a home for the first time, consider the power and utility supply, transportation, and availability of basic needs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For this, you can either take the help of <a href=\"https:\/\/alturasrealty.com\/\">online home-selling listings<\/a> or real estate advisors, ask your friends and family, check in the newspapers or drive through your desired neighbourhood and look for the &#8220;HOME FOR SALE&#8221; boards.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Choose_Your_Financing_Option\"><\/span><span style=\"font-weight: 400;\">2. Choose Your Financing Option<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As a first-time home buyer, you have multiple financing options as loans from the government and lenders, to make your home ownership dream a reality.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, before finalising one, you must study all of them and choose the one that suits your needs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The eligibility criteria, financing limits, down payment ratio, required credit score, and other insights are different for every scheme.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Following are some of the top loans and financing programs for first-time homeowners. Let&#8217;s have a look at them.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Fannie_Mae_and_Freddie_Mac_Conventional_Loans\"><\/span><b>Fannie Mae and Freddie Mac Conventional Loans:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Accessible through online lenders, mortgage lenders, and banks, Fannie Mae and Freddie Mac have established guidelines for borrowing conventional loans.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They don&#8217;t have any particular eligibility criteria, high required qualifications, low down payment ratios starting from 3%, and other guidelines.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can quickly get them for your first-time home-buying process. Fannie Mae and Freddie Mac loans scheme include:<\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\">Conventional 97 Mortgage Loan<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Home Ready Mortgage<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Home Possible Mortgage<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Home One Mortgage<\/span><\/li>\n<\/ol>\n<h4><span class=\"ez-toc-section\" id=\"Government-Sponsored_Loan_Schemes\"><\/span><b>Government-Sponsored Loan Schemes:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Government-sponsored mortgage loans have unique eligibility criteria and are only provided to specific categories of people, like those in the military industry.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They are available on the basis of borrowers, the location of the housing schemes, or the type of property.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These loan schemes are powered by government departments like the Department of Agriculture, the Department of Veteran Affairs and the Federal Housing Administration and require at least 3% of the down payment.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Government-sponsored loan schemes include:<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Federal Housing Administrations Loan<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Veterans Affairs Loan<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">US Department Of Agriculture Loan<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Energy-efficient Mortgage Loan<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Good Neighbor Next Door Loan<\/span><\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"3_Get_Reliable_and_Affordable_Lender_Services\"><\/span><span style=\"font-weight: 400;\">3. Get Reliable and Affordable Lender Services<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img decoding=\"async\" class=\"alignnone wp-image-1110 size-large\" src=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-3-1024x576.jpeg\" alt=\"How to Buy a House for the First Time\" width=\"1024\" height=\"576\" title=\"\" srcset=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-3-1024x576.jpeg 1024w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-3-300x169.jpeg 300w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-3-768x432.jpeg 768w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-3.jpeg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Finding a reliable lender for your first-time home buying is quite tricky. And to tackle this problem, visit multiple top-ranked lenders in your town and compare their strategies, fees, and other insights.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even if you have successfully qualified for a loan, keep searching for the best but most affordable lender for your home.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sometimes, you have qualified for a loan but don&#8217;t receive the funds due to changes in underwriting guidelines, lender risk analysis, and changes in real estate industry trends.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, before 24 to 48 hours of receiving the funds, you mightn&#8217;t receive them as the lender has frozen funds on their loan program, even when you have successfully qualified.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, ensure you find an expert and reliable lender to process your home&#8217;s funding to avoid every possible trouble.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, having a backup lender for first-time home funding is a good option as you can have an alternate way of applying for the loans.\u00a0\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Making_An_Effective_Offer\"><\/span><span style=\"font-weight: 400;\">4. Making An Effective Offer<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Making an offer is the most critical part of your whole first-time home-buying process. If your pitch is effective, you can continue the bargaining process and get your dream home without exceeding your budget.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before making an offer to the seller or seller&#8217;s real estate agent, take the average offering price from multiple real estate agents to know the average price of the property as well as buying and selling conditions.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your real estate agent will manage your offer and present it to the seller or property agent.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The seller&#8217;s agent will accept the offer or send your agent a counteroffer, including their desired price and conditions.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And from here, the negotiating cycle begins if you disagree with the price and conditions; you can again issue them your concerns and conditions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And this process will continue until any of you agree on the offer or decide to quit and move to another property.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here is a list of what a typical property offer should include:<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The seller&#8217;s name<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Address of the home<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Name of the title holders, including your name<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The total price you are offering for the house<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Down payment for the home you are offering<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The earnest deposit price<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any discounts and concessions you are requesting from the seller<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your expected date for closing the offer<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Complete data about the closing costs and other fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The date you will move into the home<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A deadline to respond to your offer<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"5_Schedule_Your_Home_Inspection\"><\/span><span style=\"font-weight: 400;\">5. Schedule Your Home Inspection<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A home inspection is a thorough and detailed inspection of the use before buying it from the buying party by a professional inspection expert.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For home inspection, multiple companies offer these services. You can get these services and discover any problems that may require maintenance in future.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can negotiate the price with the seller by discovering these additional problems. Following are some of the services that are included in home inspections services:<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Presence of mould in roof, window, doors and pipes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Broken or damaged HVAC system of home<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Leakage in the pipes of water or gas<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pests, termites and insects infestation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Carbon monoxide and smoke detection<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Falling ceilings and broken windows<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chimney cracking, blockage or damaged<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Structural cracks in the foundation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Installation problem in the electrical system<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Randon detection at high levels<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inspection of the lead paint of home<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Asbestos and other toxic materials availability<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Understanding the present condition of the house is essential not only to understand the actual worth of the home as well as knowing the price and how much maintenance will cost you after moving in.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Perform_the_Legal_Documentation\"><\/span><span style=\"font-weight: 400;\">6. Perform the Legal Documentation<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There are many legal documents you have to perform before buying a home. And as a first-time homeowner with mortgage schemes and loans, whether you take Fannie Mae and Freddie Mac loans or government-sponsored schemes.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To receive the funds successfully, close the deal and start living your dream life in your dream home, you have to do the following essential paperwork:<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"The_Sale_Deed\"><\/span><b>The Sale Deed:\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">It is written proof of the property transfer from the builder to the property owner and is crucial while selling the house to other buyers.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"The_Mother_Deed\"><\/span><b>The Mother Deed:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">It is required by the banks to process the loan amount and is a document for tracing the home&#8217;s ownership history.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"The_Sale_And_Purchase_Agreement\"><\/span><b>The Sale And Purchase Agreement:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The sales and purchase agreement includes all the terms and conditions settled between the buyer and seller for the property.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"The_Building_Approval_Plan\"><\/span><b>The Building Approval Plan:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">This document includes the legal information about the building plan and layout approval of the property. The builder provides it to the buyer.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"The_Possession_Letter\"><\/span><b>The Possession Letter:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Provided by the builder in the name of the property&#8217;s buyer and states the buyer&#8217;s date of possession of the property.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"The_Completion_Certificate\"><\/span><b>The Completion Certificate:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Also known as Occupancy Certification, it is proof that the building is inspected after complete construction and follows all the rules and regulations of the Municipal Corporation and FHA. This document is essential to avail basic utility supplies like water, electricity and gas.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"The_Allotment_Letter\"><\/span><b>The Allotment Letter:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">This document is vital for buying a home that is under construction. It includes information about the payment of the property and all the additional fees you have to pay. It is required by the bank for a loan and indicates the amount the buyer has to pay.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Closing_of_the_Deal\"><\/span><span style=\"font-weight: 400;\">7. Closing of the Deal<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img decoding=\"async\" class=\"alignnone wp-image-1112 size-large\" src=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-5-1024x576.jpeg\" alt=\"How to Buy a House for the First Time\" width=\"1024\" height=\"576\" title=\"\" srcset=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-5-1024x576.jpeg 1024w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-5-300x169.jpeg 300w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-5-768x432.jpeg 768w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/02\/How-to-Buy-a-House-for-the-First-Time-5.jpeg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">At the closing of your deal, you have to sign and finalize all the necessary documents required to buy a home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After completing all the legal paperwork, you&#8217;ll receive the funds from the lenders within a few days, and once your check is delivered to the seller, your struggles end, and you are ready to move into your dream home.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Congratulations_You_Have_the_Keys_to_Your_Dream_Home_Now_What_to_Do_Next\"><\/span><b>Congratulations! You Have the Keys to Your Dream Home! Now, What to Do Next?<\/b><span style=\"font-weight: 400;\">\u00a0\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Just moving into your new home is not enough. Hundreds of additional expenses are on their way to making you entirely financially broke if you haven&#8217;t effectively planned your finances during the home-buying process.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, home maintenance will cost you a large sum of money after moving in. And if you are planning for renovations and interiors, your expenses are going to be skyrocketing high.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, professional house cleaning, lawn maintenance, building maintenance fees, home essentials and furniture transportation and other expenses will break you off within a month.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, along with a down payment and other expenses, start saving money to deal with these additional expenses before moving in! And this is the end. You have successfully become a homeowner now.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, homeownership is a journey that requires buyers&#8217; consistency and diligence. Thus, from finding a good neighbourhood to legal paperwork, make sure to have the right decisions and the help of expert lenders and real estate agents.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Enjoy your dream life in your dream home with your family and loved ones!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Purchasing a home for the first time can be a daunting experience, but it&#8217;s also a significant milestone for many people.\u00a0 Regardless of your age or financial situation, there are several key considerations to take into account when making this life-changing decision.\u00a0 This guide &#8216; How to buy a house for the first time&#8221; will [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1108,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"_links":{"self":[{"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/posts\/1069"}],"collection":[{"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/comments?post=1069"}],"version-history":[{"count":10,"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/posts\/1069\/revisions"}],"predecessor-version":[{"id":6105,"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/posts\/1069\/revisions\/6105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/media\/1108"}],"wp:attachment":[{"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/media?parent=1069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/categories?post=1069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/tags?post=1069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}