First-Time Home Buyers at ParkFairfax

First-Time Home Buyers at ParkFairfax

If you’ve never purchased a home before, and ParkFairfax is your desired community, you've picked a great place to start your home ownership journey. Though the home buying process can be intimidating and overwhelming, the ParkFairfax community is safe and supportive for first-timers.  Working with an agent who really knows the community will also help ease your transition as a new homeowner. This is a very exciting time, with a lot of planning, dreaming, and envisioning your future. It is also easy to get confused by First-Time Home Buyer Programs and questions like "how much to plan for a down payment".  This blog will give you some ideas and resources for making your first home at ParkFairfax the best experience possible.

Get Your Finances in Shape

Planning for homeownership is a great motivator looking at and improiving your financial picture.  Consider goals like getting out of debt, improving your credit score, and improving your debt:income ratio. The better your financial picture is, the more likely you are to qualify for First-Time Home Buyer programs and get excellent financing terms. These advantages will be very beneficial in the long term.

Decreasing debt will also not only make it easier to qualify for a mortgage, but with less of your income going to interest payments, more money will be available for household items and savings for emergency repairs.

What is Your Mortgage Budget

Develop a budget based on current income and expenses. As a general rule, your mortgage payment shouldn't exceed 25% of your monthly net income. Ideally that mortgage payment should incude the cost of any taxes, insurance, and HOA fees. Using these figures, you can calculate how much house payment you can afford. Tools like this mortgage calculator can is a good start, but as your agent, I can also help you  factor in taxes and insurance for our area. That is why it is so important to work with an agent who has the resources to ease your way into home ownership.

Save for a Down Payment

Most of us won’t be able to save enough to buy a house outright, but a 10-20% down payment should be our saving goal. Some First-Time Home Buyer Programs offer assistance with this, but it's always good to have money saved up in case those programs don't work for you. 

Talk to a Mortgage Specialist and Get Pre-Qualified

There are many different types of mortgages on the market, each with advantages and disadvantages. If you need to keep monthly payments low you may have to stretch out the loan period, but this means you’ll pay more in interest over the life of the loan. If you are a veteran, you may want a VA loan, but be mindful of fees and restrictions associated with that product. A mortgage professional should be able to give you all the information you need to make an informed choice. I work with some of the best mortgage professionals in the business and can point you in the right direction, if needed. 

Be Prepared for Additional Demands and Expenses

• Appriasal
• Home inspection
• Credit report
• Closing Costs
• Title Company
• Attorney
• Homeowner’s insurance

Research Homes in ParkFairfax

Now that you know your price range, you’ve been pre-qualified, and your down payment is secured, start looking for homes in out community. Go to open houses, search community data online, and make a prioritized list of yes’s and no’s, must-have’s, and likes and don’t likes. Doing some of this leg work before we start showings will make the home search go smoothly.

Find an Agent you Trust

There are a lot of real estate agents, but make sure you are working with one who is an expert at all things ParkFairfax. Especially as a first-time home buyer, you should work with one you can trust to have the experience and dedication to assist you in the most significant purchase of your life. Much of this first experience will have an impact on home ownership for years to come. The ParkFairfax community has a number of resources to welcome new residents and make you comfortable in your new home. For example, one of the many events and activities here is a New Resident Reception on September 28th. Please let me know if you are ready to start your home ownership journey at ParkFairfax.