Stephanie Luciano - 503-285-4382 - Portland, OR
Get Information About the $8,000 Federal Tax Credit HERE
Go to Special Links for First Time Home Buyers
Buying your first home is exciting and frightening all at the same time. Should I buy? Where should I buy? What can I buy? How much can I buy? Will my credit history allow me to obtain a mortgage? Is homeownership for me? Can I afford all the things I want? Is this the year to buy?
Working with new home buyers is my specialty. I'll give you the straight talk.
FINANCIAL
We start by looking at your financial situation. How much can you afford and is it enough or too much? What is your credit rating? Do we need to do some cleaning up before we can get started? Sometimes a little clean up and a little time can make a significant dent in the interest rate, is it worth it? Do you have enough saved up (or that will be gifted to you) for the down payment and closing costs? What special programs can we investigate further if you fit certain income guidelines? Where are the good lenders and what are all of these fees? Which mortgage program(s) should you discuss with your lender? If you want a place to start you can contact Gary Boyer of Guarantee Mortgage at 503-243-2674 - he loves to work with first time home buyers and will walk you through the loan process.
Consider Portland Development Commission's new home buyers assistance - News Release Neighborhood Housing Program. PDC's take on Home Buying. They have grants, repair loans, and other options for new buyers.
***Check out the TAX CREDIT up to $8,000 for first time home buyers! This does not have to be repaid if you keep the home (owner occupied) for at least 3 years.*** Available for purchases only through April 30, 2010.
HOME CHOICE
Once we know what you can afford we can narrow down the best home choice. Do you want to be in a certain school district or area of town? Do you want to fix up a house (and what that means)? Do you want a garage or a two-story? What are your special needs or interests? What's working for you where you live now, what's not? After we create a list of must haves and would really like to have we can see what's out there in your price range. Once we've seen a few homes, we can take another look at the list and refine it as we go along. This is a big decision and you should see several homes before making a choice. Maybe something that was on your must have list falls off and something you never thought of is added. It's a process. Within what you can afford, I want to be sure you find what your looking for.
THE PROCESS
As part of the education process we will review what an earnest money agreement (offer to purchase) is all about. You will need to make many decisions when writing up the offer so it's a good thing to be thinking about your options before we actually find the right home. Some things you'll need to decided on is when you want to take possession, will you conduct a full home inspection or just what's required by the lender, how much time do you want to complete the various steps (inspections, loan approval, appraisal, closing, possession, etc.), how much earnest money will you put down, and more. You'll need to know what down payment you will make, if you want the seller to contribute to the closing cost and if so how much is allowed by your lender (this is why it's imperative to get pre-approved ahead of time). There's a lot involved and it helps to know ahead of time what kind of decisions you'll need to make when you're very excited about the absolutely perfect home you just found. Sometimes we get so excited about finding the perfect place we don't look as closely at the details as we wished we may have.
SHORT SALES, REOs, FORECLOSURE, MOTIVATED SELLERS
Everyone wants to get the best deal they can on their home. Sometimes the best deals come about through others misfortunes. There are certain things you need to know about when dealing with short sales, bank owned properties (REOs), foreclosed properties, and motivated sellers. In addition to being a first-time home buyer, the stress of dealing with these types of situations can become extremely overwhelming and frustrating. It is important that you are prepared for the nuances of these types of purchases. Should you decide to consider these properties in your home search we should dedicate some time to discussing the benefits and pitfalls and be sure you want to take this route for your first home purchase.
AFTER THE OFFER
After the offer is accepted, there is a whole other range of things that must get done and be addressed. We now have timelines we have to follow. If we haven't already got loan approved and submitted all of the documents to the lender, it will become very important now. If you're buying in cash we need proof of funds ASAP if not already submitted. Inspections need to be ordered and evaluated before you pay $400-500 for an appraisal. If during the course of the inspection, you find that there are things you must see fixed or it's a deal breaker, we need to have time to make decisions. Once everything is in place (loan, inspections, appraisal, etc.) a date will be set to sign all of the documents at signing so that we can close or record on time. Generally this takes some time because there are ever so many forms to sign and they can get a little confusing. It's a good idea to have the title company send you a copy of the closing statement before your appointment so you have time to review it and address any items prior to the meeting.
CLOSING
The paperwork is all done... why can't I move in right now? I'm paying for it, right? That depends on the recording/closing date and it's something we will talk about before closing.
YOUR FIRST PURCHASE
If you haven't experienced your first home purchase, you've come to the right person. This is a process and it's for one of the biggest purchases of your life. You need to feel comfortable that you have the right information and you're going down the right path. I can help you achieve the American Dream.
Want the American Dream... Contact Stephanie
YOUR AGENT
Agent's that work with first-time home buyers work really hard to make sure you know about the entire home buying process, that you get the home you really want, and the transaction goes as smoothly as possible. We review your goals and dreams and make sure that you are getting what you want and can afford (there are compromises). It is important to find an agent that you want to work with the whole way through. Agent's only make money (generally from the seller) when you buy and close on a home. They dedicate extra time working with first-time home buyers (in comparison to seasoned investors and/or buyers/sellers) so that you feel comfortable making one of the biggest purchases of your lifetime. Find someone you trust and work with them exclusively. An agent will work really hard for you when they know you're committed to the relationship.
Best of luck in your home buying experience!
Oregon First
PDX Equity Team
5136 NE Garfield Ave
Portland, OR 97211
503-285-4382
www.OregonFirst.com
