What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. It is best to visit a lender to find out what home is in your range.
Check with government housing Web sites for the following:
Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan, it will save you time and effort in the long run.
Each state, including California has special Homebuying programs. FHA loan programs offer lower down payments and are a good option for first-time homebuyers, but are limited to a certain price range of properties.
When you get ready to actually start your shopping, there are a few things you should do:
Discuss the process with your real estate agent. If the seller counters your offer, we may need to negotiate until you both agree to the terms of the sale.
An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.
Lenders require that you have homeowners insurance. Be sure to shop around.
The homebuying process may at times seem rather complicated, but if you take things step-by-step, you will soon be holding the keys to your new dream home!
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