It's a momentous occasion when you're ready to become a first-time buyer of a home. But hold on just a minute before you make that offer on that house you love from Beavercreek homes for sale. Our REALTORS® have some important tips to share that could help the process of buying your first home go a lot smoother.

1. Start saving long before you are ready to buy.
   It's easy to get carried away, shopping for homes online, driving around, and feeling you just HAVE to make a down payment on that fabulous house you found before anyone else snaps it up. Easy now. Have you been saving for the down payment? It could be as a first-time buyer, if you have excellent credit, you might qualify for a loan that allows as little as 3 percent down. However, for a $300,000-home, that's $9000 you'll need to come up with, which can be challenging to save. Here's a handy down payment calculator.
   
   
2. Are you really ready to commit to a mortgage?
   A mortgage will tie you down for a number of years. It's a 15-30-year commitment to pay it off; even if you sell the house and move after five years or so, that's still five years of payments. So, can you commit to this home and this city for the next five years? Beyond that, have you got a stable income? Do you have funds to cover at least three months of expenses?
   
   
3. Get your credit shipshape.
   You'll get a better deal on a loan if you have excellent credit. Pay bills on time. Keep balances low. Don't close cards, as that will increase how much available credit you're using — a sign of risk, because you're using more of your available credit. Keep track of your credit score. Here's a free credit score calculator that updates weekly.
   
   
4. Don't forget other expenses, in addition to a down payment.
   If you find a house you want to make an offer for, you will also need closing costs and move-in expenses. Some closing costs you may need to come up with: attorney fees, appraisal fees, escrow fees, title insurance expenses, discount points, and pest inspection fees.
   
   
5. Get preapproval.
   Preapproval is different from prequalification. Preapproval is based on your financial information (W-2s, bank statements, credit score) and tells how much loan you can get. Prequalification is an estimate of the home loan you can get and is based on an informal evaluation of income and other financial information.
   
   
6. Research mortgage options.
   Various mortgages are available for first-timers. They vary in down payments and eligibility requirements. Main categories include: Conventional mortgages -- not government-guaranteed, with some targeting first-time buyers and requiring as little as 3 percent down; Federal Housing Administration (FHA), with down payments as low as 3.5 percent; U.S. Department of Agriculture (USDA) loans are for rural home buyers, with (generally) no down payment required; Veterans Affairs (VA) loans are for veteran or current military service members, with no down payment required.
   
   Furthermore, the state of Ohio will work with your mortgage lender on home loans if you're low or moderate income, or a first-time buyer.
   
   
7. Find a real estate agent you trust.
   Look for a real estate agent with experience selling in the neighborhood where you want to live. Remember that a real estate agent can show properties that fit your budget; help you decide what to offer for a property; submit an offer letter for you; and help negotiations with the seller or seller's agent after you make an offer.

More questions about being a first-time homebuyer? Contact Wright-Patt Realty today.