Buying Your First Home Purchase

This BLOG On Buying Your First Home Purchase Was Written By Gustan Cho NMLS 3029 of CrossCountry Mortgage NMLS 3029

Buying Your First Home Purchase can be both exciting and stressful, especially if you are a first time home buyer.  If you are Buying Your First Home Purchase, you should take your time and do the proper due diligence in choosing your new home.

  • The most important factor in home shopping is whether you can afford it. 
  • I would first consult with a mortgage lender to see what you will qualify for and what your monthly housing payment will be. 
  • See if you will be able to afford your new proposed mortgage payments and housing expenses without you straining yourself. 
  • Remember that your monthly mortgage payment is not your only housing payment. 
  • You will have property taxes, homeowners insurance, mortgage insurance premium, homeowners association dues (if applicable), utility payments such as water, gas, and electric, and other expenses such as cable, and internet connection. 
  • All of these add up and then some. 
  • Remember that you are a homeowner and that you can no longer rely on your landlord for repairs.

Reserves

When Buying Your First Home Purchase, one of the most important things you need to consider and have is reserves in the event of major repairs. Mortgage lenders do not require cash reserves for first time home buyers if they have good credit and income but I strongly recommend that first time home buyers have at least a 3 month reserves of your housing expenses in the event of unexpected events.

  • For example, we recently had a major deep freeze in the Midwest where temperatures tanked to 30 plus below zero. 
  • Many homeowners had their furnace break down and plumbing problems. 
  • These type of problems are high ticket cost  repairs and most of these repair vendors do not take monthly payments or offer a payment plan.  Appliances break down all the time. 
  • As a homeowner, you will get unexpected problems that might cost you a lot of money. 
  • I strongly advise that as a first time home buyer, that you have several months of reserves even though your mortgage lender does not require it.

Hiring A Real Estate Agent

Hiring a professional real estate agent when Buying Your First Home Purchase is strongly recommended. Whether Buying Your First Home Purchase or selling your existing home, the advice of a realtor is not required by is worth its weight in gold.

  • A realtor will assist you in searching the right home and neighborhood as well as refer you to reputable mortgage lenders and attorneys to represent you. 
  • I work with realtors all the time and if you are a home buyer in Illinois, Florida, Wisconsin, California, or Indiana,
  • I can refer you to some of the top realtors in the country who will assist you from day one to closing. 
  • A realtor will assist you and protect your best interests. 
  • A realtor can get you a sellers concession towards your closing costs so you do not have to come up with any closing costs and all you have to worry about is your down payment.

Qualifying For Mortgage

Hiring the right loan officer and lender is one of the most important decisions you will make Buying Your First Home Purchase . Not all lenders can be the right fit for you. Anyone with a 800 FICO credit score or low debt to income ratio can get approved by any lender. However, if you have prior bad credit, credit scores of 580 FICO, outstanding collections, then the chances are that you may need the help of a lender with no overlays and who specializes in helping borrowers like yourself. The Gustan Cho Team at CrossCountry Mortgage NMLS 3029 is a national lender who offers the following:

  • CrossCountry Mortgage NMLS 3029 is a national five star lender licensed in 50 states with no overlays
  • The Gustan Cho Team at CrossCountry Mortgage closes most loans in 21 days or less
  • Over 75% of our borrowers are folks who gotten a last minute loan denial or are currently going through stress in their mortgage process and transfer their loan to us and we close their home loans in record time
  • No overlays on FHA Loans, USDA, and VA Loans with a minimum of 580 credit score requirement
  • No overlays on Conventional Loans
  • NON-QM Loans where no waiting period after bankruptcy and foreclosure
  • Available 7 days a week

Please contact The Gustan Cho Team at CrossCountry Mortgage NMLS 3029 at 262-878-1965 or text Gustan for faster response at 262-716-8151 or visit me at www.gustancho.com.  You can email us at gcho@gustancho.com.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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