First time home buyers
First Time Homebuyers
It can be difficult to buy your first home. Although you may have been saving for years to accumulate your down payment, home prices are so high that only 25% of the people in the Central Coast Area can afford to buy a home.
Yet there is hope. Home prices have stopped their dramatic rise. In some areas, entry-level homes are dropping in price. Condos are often less expensive than single-family homes, and are easier to maintain, though HOA fees may add to your costs. Your loan interest is deductible from income taxes, saving you thousands of dollars each year.
By getting you preapproved by a lender, we can find out what you can spend. Then we discuss what you need in a home. We then look at homes that suit you. When you have chosen a home, I'll help you make the offer and get the best deal. After we've gone over the disclosures, you'll have a home inspection done. When your purchase has completed escrow, the property is yours.
There are a few sources of loans for first time homebuyers - which our mortgage lender can identify. Their rates are often below market, saving you thousands of dollars over the life of a loan. Many offer down payment assistance. Most have income guidelines and require that you take a workshop about the home buying process and meet with a counselor.