FIRST TIME HOME BUYER STEPS | Real Estate for Beginners 2021

First Steps for First Time Home Buyers
Start saving money
You can get down payments as low as 3%, for a $500,000 house, 3% is $15,000
Closing cost fees range from 2-5%, some closing costs are covered by the seller in Southern California, but with inventory so low, sellers can ask buyers to pay for a lot. You need to account for the cost inspections and any other fees that come up when buying your first home.
Move-in expenses - movers, cleaners, food for helpers, upgrades, the list goes on and on! Budget for move in expenses so they don’t sneak up on you.
How much can you afford?
A lender will help with this, but you can try to figure it out yourself by taking 30-35% of your monthly income and determining what you can afford.
Example: If you make $10,000 per month, 30% of $10,000 is $3,000
With a $3,000 over 30 years with a 2.5% interest rate, you can get a loan of $760,000, meaning you can get a home that costs that amount in addition to the down payment you put down.
Research home buying assistance programs
There are down payment assistance programs, low credit score programs, first time homebuyer programs, they are usually state-to-state and sometimes vary by county.
Find a great real estate agent to help you.

Brittany Hannon Real Estate | KW West Ventura County
Realtor Specializing in Oxnard Beach Homes
www.BrittanyHannonRealEstate.com
BrittanyHannonRealEstate@gmail.com
Text Me 805.620.7139‬
DRE 02102614

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DISCLAIMER: This video is intended to provide educational/entertainment value. All information should be assessed by a professional and should not be considered legal advice.

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