West Knoxville First Time Home Buyers: What Do You Need To Buy A Home?
Buying your first West Knoxville home is a huge step. It is one of the largest investments a person will ever make. But, now that you’ve finally decided to buy your first West Knoxville home, what exactly do you need to buy a home? And, what don’t you need to buy a home?
What You Will Need To Buy Your First West Knoxville Home:
1. Enough money for your monthly mortgage payments. This is an obvious requirement. No lender will approve your for a loan if they don’t feel you are able to afford your monthly mortgage payment. To see how much you can afford, try using a mortgage calculator. Also, if you’re thinking about buying a home, be sure to talk to a loan officer early on to see how much you can afford, that way if there are any credit issues that need to be taken care of, you can take care of them sooner rather than later.
2. Additional income for taxes, insurance, homeowner’s association dues, and an emergency funds for repairs. Owning a home can have many great tax benefits, but it can also be very expensive. Be sure to look into how much property taxes are and if there are any homeowner’s association dues. Also, make sure you have a emergency fund for repairs.
3. The time / ability to maintain the home. Maintaining a home and a yard can be lots of work. Will you have the time to keep the home in good shape?
4. Decent credit. In order to approve you for a loan, lenders will want to see you are making enough money and have decent credit. A credit report filled with lots of debt and late payments could make obtaining a loan difficult. Still, that is not to say that you will never be approved for a loan. Meeting with a loan officer is an essential part of the home buying process and they will be able to assist you in ways to repair your credit.
What You Don’t Need to Buy Your First West Knoxville Home:
1. A big down payment. First time home buyer’s in Tennessee have the ability to get assistance from the Tennessee Housing Development Agency. They offer two programs, one that helps with a buyer’s down payment and another that help pay for closing costs. Buyers who receive assistance with their down payment are able to purchase a home with no money down. To see about what requirements are necessary to receive one of the THDA grants, visit their website.
2. Knowledge about owning a home. Most first time home buyer’s don’t know much about owning a home or the overall buying process. Hire a real estate professional to help guide you through the process. Don’t be afraid to ask questions. After all, buying a West Knoxville home is one of the biggest investments you will ever make.
Are you thinking about buying your first West Knoxville home? Please let me know if there is any way that I can assist you. You can give me a call at 865-696-9002 or send an email to Rick@TheBigOrangePress.Com. I’d love to assist you in your West Knoxville home search in any way that I can.