First Time Home Buyers

Considering on buying a home in the Central Pennsylvania area?

Let us help you with that journey. Many people wonder what their first step is. Naturally they start to look on the internet and boom... the first realtor they talk to will direct them in the correct path.

First and foremost you will need to get a mortgage pre-approval. Most realtors will not even show you a home until this obstacle has been undertaken.

Secondly, you will want to work with a Realtor since they usually have a local mortgage broker that can help you with your pre-approval. Depending on your credit score this may determine the type of loan you qualify for (ie: Debt income ratio, Credit scores, VA loans, etc).

Thirdly, now that we know the type of loan you qualify for, we can now search for homes that are qualified with the type of home financing you are approved for. Examples: FHA loans require certain distance restrictions from the well and septic as well as other government loans. Conventional loans are easier to finance and do not tend call for as many repairs.

Fourth, it is very important to know that there is grant money available for first time home buyers. Also, there are programs for many of our surrounding counties that will finance a home for 100% financing. Most home buyers do not know all the secrets until they start working with a real estate agent.

Fifth and also very important is to understand that there are two parts to a home purchase. A percentage down on the sale price of the home is a requirement the bank will need as part of the financing. The second part deals with the closing cost, which includes the title search, transfer tax, home owners insurance, pro-rated taxes paid up front for escrow, home inspections, septic inspections and several other miscellaneous fees.

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