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Home Buying Checklist For First-Time Home Buyers

Home Buying Checklist For First-Time Home Buyers 2025

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The document is a comprehensive Homebuyer Guide that outlines the homebuying process, providing checklists and resources for prospective buyers. It includes sections on necessary documentation, property checklists, tips for a timely closing, post-closing actions, definitions of closing costs, and environmentally friendly practices for new homeowners. The guide aims to assist buyers in navigating the complexities of purchasing a home effectively.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What do most first time home buyers get approved for?

Government-backed mortgage loans The Federal Housing Administration (FHA), Department of Veterans Affairs (VA) and Department of Agriculture (USDA) back mortgage programs that are often an option for first-time homebuyers.

What is 20% of a $400,000 house?

Putting down this amount generally means you wont have to worry about private mortgage insurance (PMI), which eliminates one cost of home ownership. For a $400,000 home, a 20% down payment comes to $80,000. That means your loan is for $320,000. You can start shopping for a mortgage right away.

What is the 20 rule when buying a house?

By putting down a larger amount upfront, youll reduce the total loan required, leading to smaller EMIs and less interest over the life of the loan. Additionally, if your down payment is less than 20%, you may be required to pay Private Mortgage Insurance (PMI), which adds an extra monthly cost.

Can I afford a $300 k house on a $70 k salary?

The Quick Answer: Between $180K and $350K However, the exact budget range depends on other factors including credit score, financial situation, and the market conditions. Someone with a $70K salary might be able to afford a house with a value between $180K and $350K, depending on these factors.

What to look for when buying a house for the first time?

Here are some things to consider when buying a house as a first-time home buyer or a seasoned pro: Price. For many prospective home buyers, a homes purchase price is their biggest concern. Location. House Size. Property Taxes. Homeowners Association (HOA) Amenities.

What salary do you need for a $400,000 house?

To afford a $400,000 house, you typically need an annual income between $100,000 to $125,000, which translates to a gross monthly income of approximately $8,333 to $10,417. However, this is a general range, and your specific circumstances will determine the exact income required.

What is the 20% rule when buying a house?

While a 20 percent down payment is the traditional standard for purchasing a home, it is not mandatory and there are loan options that have much lower minimum requirements. Private mortgage insurance will likely be required with a down payment of less than 20 percent, which will add to your monthly payment.

What to buy for a first home checklist?

New Homeowner Must-Haves Checklist Move-in day essentials like cleaning supplies, tools and tables. Bathroom essentials like toilet paper and hand towels. Bedroom essentials like a mattress, sheets and pillows. Kitchen essentials like cookware and eating items. Office essentials like your computer and desk.

Home Buying Checklist For First-Time Home Buyers 2025

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