Buying your first home can definitely be overwhelming. As a first time homebuyer, you may not know what to expect in the Utah real estate market and probably don’t know where to start. You may also be wondering if you can even qualify for a loan to buy your first home.
Here are just some of the misconceptions we regularly encounter from first time homebuyers in our area:
- I can’t afford to buy a home. While your income is a very important consideration your lender uses to approve your loan, living within your means is much more important. Your lender wants to make sure you can afford the monthly mortgage payments, as well as insurance. Looking for a home that fits your budget will dramatically improve your odds of approval. You also gain many taxes advantages as a homeowner by deducting property tax, mortgage insurance and mortgage interest payments to offset your costs. You’ll also build equity as your home goes up in price.
- I need a large down payment. While 20% down payments used to be the standard, there are now many options geared toward first time homebuyers. Most Utah real estate qualifies for an FHA loan with a down payment of just 3.5%. We can also help you find lenders that offer mortgage options for first time homebuyers.
- I need excellent credit. While a higher credit score can make it easier to get a loan with more favorable terms, you can qualify for a home loan even with less-than-perfect credit. We’ll help you find a program designed for homebuyers like yourself to put you in your first home with as little as 3.5% down.
How We Can Help
As first time homebuyer specialists, we’re prepared to walk you through every step of the way, from helping you decide how much you can afford and shopping for homes for sale in Utah to viewing homes that interest you and ultimately making that offer.
We also specialize in first time homebuyer programs available in Utah, including loan programs through HUD and down payment grants. We’ll show you just how affordable it is to own a home and do our best to find you a dream home that fits your budget.
Buying your first home doesn’t need to be scary. We strongly believe in empowering our buyers with information they can use to make informed Utah real estate decisions and set them on the path to long-term financial success.
Please contact us today to learn more about available programs for first time homebuyers and what we can do for you.