It can happen when you least expect it: an opportunity unexpectedly opens up – and you suddenly realize that the time to become a homeowner is here! It may happen when the landlord of the Middle Georgia home you've been renting suddenly decides it’s time to sell. Or, during a search for a rental, you happen upon a new Warner Robins listing that’s such a bargain you’d be crazy not to snap it up!
For most first-time buyers, unexpected opportunities like these may be the first time they seriously entertain home ownership. If that’s the case, they may well be disappointed.
The fact is, the time for first-time buyers to start planning is well in advance.
Successful first-time buyers have kept their options open by lining up their ducks well in advance -- completing at least two mandatory steps. For anyone who hasn't done so, right now would be the appropriate time to start!
1. Get your accounts in order. If it comes time to pull the trigger, every bank will look closely at every bank account you have. They look for “seasoned” funds, meaning cash that has been on hand for at least three months (sometimes six), untouched. First time home-buyers will have established the total amount needed for a down payment -- or have a clear trail of the origin of the assets they will sell to get it.
2. Check your debt. Banks are looking for a debt-to-income ratio of no more than 33%. If you got a little too festive with your credit cards during last month’s Christmas season, start paying down those balances.
Buying a first home is an exciting decision that can be as fun as it is stressful. Having prepared in advance will accentuate the fun part , just as having the right agent by your side will, too. If and when the opportunity to become one of our Warner Robins first-time buyers presents itself -- or even if you have any questions about how to prepare -- give me a call!
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