Episode 73: First-Time Home Buying with Vicki & Michael Chuck
In this episode, John Schutze is joined by Horizon Realty's Team Chuck, with Vicki and Michael Chuck. The duo will be hosting a first-time homebuying seminar near the end of October - listen in for more details and a timeline you should follow when considering purchasing a home in the next year.
Did you know?
If you have not owned a home within the last three years, you are considered a first time homebuyer, which is a great thing!
"If you have questions about buying your first home, we will be hosting a first-time homebuying seminar," Michael Chuck says. "The event will take place Wednesday, October 26th from 7-8pm at the Cedar Park Library located at 550 Discovery Blvd off 1431. If you are coming to the seminar, you’ll find out information about why you need a real estate professional in your corner, how to find the home that is perfect for you, and how much home you can afford. Plus, we'll have door prizes!"
"We’ll also talk about some great down payment assistance programs that are out there," John adds. "We’ve got some programs where you can make six figures and still get assistance! Rates are so amazing right now that it’s just the time to buy."
“Rents keep going higher and so are home prices, so the best time to buy is right now,” Vicki says.
“I don’t think the prices are going to go down anytime soon,” John adds.
“The Austin area is phenomenal – I’m talking to a few agents in California, and the tech jobs are definitely moving here.”
If you have questions about purchasing a home for the first time or would like to start the process with a professional real estate agent, please contact Vicki or Michael Chuck at (512) 903-7102 or visit www.teamchuck.realtor.
Great Timeline for Buying a Home:
12 Months Out
Check your credit score. Get a copy of your credit report at annualcreditreport.com.
The three credit bureaus (Equifax, Experian, and TransUnion) are each required to give you a free credit report once a year.
Determine how much you can afford. Lenders look for a total debt load of no more than 43% of your gross monthly income (called the debt-to-income ratio).
Make a down payment plan. Most conventional mortgages require a 20% down payment. FHA offers loans with only a 3.5% down payment.
9 Months Out
Prioritize what you most want in your new home. What's most important in your new home? Proximity to work? A big backyard? An open floor plan? Being on a quiet street?
Research neighborhoods and start visiting open houses. This is where you can use the services of your Realtor to efficiently find homes for you.
Budget for miscellaneous home buying expenses. Start the good habit now of putting a little aside each month to fund maintenance, repairs, and home emergencies.
6 Months Out
Collect your loan paperwork. Banks are very particular when it comes to mortgage loans, so it's important to speak with a lender to determine what they will need to provide a loan.
3 Months Out
Get pre-approved for your loan. At this point, if you've been following this timeline, your credit score, paperwork, and down payment should be on track.
Start shopping for your new home. One you're pre-approved, your Realtor will be able to target homes that meet your priorities in your price range.
2 Months Out
Make an offer on a home. It usually takes at least four to six weeks to close on a home.