Congratulations. You've taken the first step by making the decision to buy a home. Now, how do you accomplish your goal? Buying your first home in Des Moines or anywhere can be a challenge as there are many decisions to be made.
There are several programs available to first-time buyers that can help with understanding financing options, down payment assistance, credit counseling, etc., which along with an educated REALTOR®, will help you navigate your way through the home buying process.
How Much Can I Afford?
One of the first steps is to work with a lender to determine what price range you should be looking in. It is very advantageous, even advisable, to obtain pre-approval from a lender for an amount before looking for a home. This information will not only determine how much you can afford to pay for a home, it will also aid in narrowing your search as to what housing type you should concentrate upon - single family, townhome, condo or acreage. And, quite possibly, it will help determine in which areas of the Des Moines, the metro area or Central Iowa you should concentrate your search. It will also enable you to act quickly once you find the home you are looking for, which can be a decided advantage over another buyer who is not pre-approved. Sellers would rather work with someone they know is qualified to buy their home and not waste valuable market time with a buyer that may not even qualify.
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The most important aspect of getting pre-approval is you credit history.
Credit & Your Credit History |
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There are many financing options available to first time buyers. You need to determine you goals, is this a home you will out grow in 2-4 years, or are you planning a family, or are you planning to stay long term. The lowest interest rate, 30 year fixed rate, or the FHA loan may not be in your best interest. Some programs and options have a down payment assistance or low interest rates, but may have pre-payment penalties or high APR. |
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Let us help you find the best options for you. | |
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We have contacts with honest, creative lenders all over Des Moines and Central Iowa.
Contact Carolin Gibson if you would like to discuss lenders and the pre-approval process |
Where Can I Get Financing? What if I Don't Have a Down Payment?
There are many financing options available to first time buyers. You need to determine you goals, is this a home you will out grow in 2-4 years, or are you planning a family, or are you planning to stay long term. The lowest interest rate, 30 year fixed rate, or the FHA loan may not be in your best interest. Some programs and options have a down payment assistance or low interest rates, but may have pre-payment penalties or high APR.
Buying with Zero Down
As a first time home buyer there are many things you should know about before starting your home search. You can Buy with Zero Down. NOTE: The recent "sub prime" lending disruption may make it difficult to secure zero down programs from many lenders. However, many lenders are still offering programs that require as little as 3% down. Make sure you are working with a reputable lender.
Grants/ & Down Payment Assistance
There are grants available to some first time home buyers. Grants are money given as a gift to you to help with your purchase. Some grants are from your City, State, or Government, and some are available from other sources. We can help find out what is available to you. Grants
First Time Buyers Guide
We can email you a FREE first time home buyers guide, "Home Ownership Made Simple". This packet has lots of advantages you should know about, home inspection checklist, how much can I afford worksheets, features of my dream home checklist, steps to buying a home, rent vs. buying, buying with ZERO Down, mortgage basics, types of mortgages, buying a new home, moving checklist, common mistakes to avoid, evaluating financing options, grant programs available, and information on special financing available and more. This Booklet is in an Adobe pdf file and can be read with Adobe Acrobat. Download Your First Time Buyer's Guide
Be Prepared to Act
When you find the home you want be prepared to act. Some of the best homes sell fast and at the price the seller are asking. Having a good Real Estate agent evaluating homes with you can help you determine what to offer for the home.
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