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Unexpected Costs for a First Time Home Buyer

Buying a home can be scary and can feel overwhelming, but it doesn’t have to be.

Adri bought her very first home recently and is an agent with us at RE/MAX Capitol Properties. To help those considering this purchase and who want to know what to expect, we put together a quick video to walk you through it all. Here are some highlights:

  • Debt to income ratios is something important to consider when wanting to buy your first home.
  • You need to have two years worth of tax returns – this is a baseline to know what price range to shop within
  • Pay stubs, W-2s or other proof of income
  • Bank statements and other assets
  • Credit history is needed and your lender will ask to pull your credit if borrowing
  • Gift letters if applicable. Your friends and family might help you buy a house by giving you money. If that’s the case, you’ll need to provide a written confirmation the money is indeed a gift and not a loan.
  • Photo ID to verify who you are
  • Some may ask for renting history to help to determine their decision to lend you funds

Consult with a lender prior to shopping for your home. This will help you to know what is the best price range for you. Then you can also plan for your necessary down payment. Budget for inspections, renovations, and closing costs well. Prior to buying your home make sure to look into utility costs and consult your real estate professionals for further assistance.

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