Are you a first time home buyer in the JBLM area? Cyrus Bonnet at Veterans Agents is here to help guide you through the home buying process in the JBLM area. Are you in the market for a new home? Are you simply curious about what it takes to buy your first JBLM home? There are a few things you should know to start becoming a JBLM real estate expert.
There are different types of loans. There are also different processes for each loan. These all have unique requirements for each individual loan situation. A first time home buyer in the JBLM area can rest easy knowing they have a friend in Cyrus Bonnet with Veterans Agents.
No matter how overwhelming parts of this process can become when you are a first time home buyer in JBLM, Veterans Agents will always be here to walk you through the process. Veterans Agents loves being a helping hand and a guide for all first time home buyer in JBLM and sellers. With Veterans Agents, you will reach the end goal and be on your way to your next venture!
The First Step for a First Time Home Buyer in JBLM– Contact a Trusted Professional Like Cyrus Bonnet with Veterans Agents!
The industry will tell you the first step in buying a home is to get pre-approved, but this is not true. You first need to vet out lenders to approve with and learn the process of pre-approval. A good realtor will provide more than one lender to give you options with your best interests in mind. Shopping lenders is key to start so you can determine best interest rates, costs of the loan, how you and lender interact, etc. We have provided a short video explaining the process of shopping lenders. You want to avoid places that only recommend whoever they have inhouse. This isn’t in your best interest.
Preapproval for a First Time Home Buyer in the JBLM Area
Getting preapproved for a mortgage as a first time home buyer in the JBLM area is how you ensure that you will have the financial ability to purchase a new home. This process will also give you an idea of which listing prices you should even be considering. It will also give you some valuable information regarding your loan options and give you a better idea of what you can expect to pay.
Having a preapproval means that the lender has done a comprehensive review of your finances and has determined that you are likely to qualify for a mortgage. This may include your credit score, your debt-to-income ratio and your monthly income. If you are purchasing a home with your partner, we will need this information from them as well.
The preapproval process takes some time to complete and you should know that it does not guarantee you will be approved for a mortgage. No matter the outcome of this first step, Veterans Agents will get you on the right path towards your goals.
You Can Lock In Your Interest Rate
Interest rates are eternally fluctuating, so what is 2,.5% one day can, within a single day, change to 7%. It’s a fluid market and it’s sometimes unpredictable, so it’s best to go for gold if you find your dream home.
The interest rate you pay depends on the length of your loan, your credit score, your down payment and property taxes. Using a rate lock is the sensible choice if you are not planning on modifying the terms of your mortgage in the future.
Consider Your Loan Options as a First Time Home Buyer in the JBLM Area
There are many options nowadays for loans including a 0 down conventional loan, USDA and VA. Interest rate buy down programs and many more programs are available to help ease the upfront costs of a first time home buyer.
Many people find that government loans like a USDA home loan is exactly what they were looking for. You might also benefit at tax time from a first-time home buyer’s course. Zero down and potentially zero closing means an easy move for you! That still leaves a few expenses. Some buyers are walking away spending only a few thousand to get into a home instead of traditional down payments of the past which were as high as 20-30%.
Depending on the program, you may be able to apply for a loan. You could receive a grant to cover closing costs, too! First time buyer assistance programs are designed to help lower income households afford a home. They are often linked to the median income of a given region. In some cases, a home price cap applies.
Down payment assistance programs are typically low-interest loans. They are available to a variety of groups, including military members, teachers, students, medical professionals and other first-time homeowners.
Employer-sponsored housing programs are usually a joint effort between state governments and employers. You should ask your employer if they offer down payment or closing cost assistance. Some states offer substantial tax credits to help offset the costs of owning a home.
Veterans Agents Can Help You Navigate This Process
The real estate experts at Veterans Agents would love to help you through every step of buying a home in JBLM. We are a locally owned, military-centered company with the know-how and determination to close homes for our military and civilian communities. There is no place like home Veterans Agents wants to help you live that dream.
For more information about buying a home with Cyrus Bonnet and Veterans Agents or any real estate needs please be sure to reach out to us by filling out the form below or by call, text, email below:
Cyrus Bonnet | CEO, Broker, Veteran
Designations: MRP CSP PSA VAMRES VAREP MVHC CMHS