The Condo Mania Team
News > First Time Home Buyers - How to Start
We get phone calls and emails from many first time homebuyers wondering what the first step should be to purchase a home. The best part of buying a condo is looking at what is for sale. That's the best part of our job as well. But first time homebuyers have some work to do on the financial side - not as much fun, but a very important first step in the home buying process.
If you are just starting the process, you might not be ready to contact a lender and a real estate agent. We understand. You can do some investigating yourself, through this website. Every listing we show has a monthly payment that includes principle and interest - you'll have to add in the HOA fee and a small amount of condo insurance payment. And the amount of your payment will vary depending upon your loan terms. Lenders require that your mortgage payment and all of your other debt be no more than a certain percentage of your monthly income, usually 40-45%.
But when you are ready to get serious about finding a condo, you should contact a mortgage lender to get pre-qualified. We can help you with names of some lenders we work with if you do not have one of your own. Make sure you mention to your lender that you will be purchasing a condo or townhome. If you are getting an FHA loan, the number of possible condo communities you can buy dwindles.
Then, contact us for a phone consultation so we can determine what condos may fit your criteria. We'll email you some possibilities and then meet you to start your search process - THE FUN PART!
Though not guaranteed, information and statistics in this article have been acquired from sources believed to be reliable.
The Fair Housing Act prohibits discrimination in housing based on color, race, religion, national origin, sex, familial status, or disability.
Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.
Last Updated: 2024-02-22 05:13:33