Is Buying a Home a SCARY Endeavor? Here’s How To Overcome Your Home Buying Fears!

Today we are here to dispel all the common home buying myths and conquer any home buying fears you may have! 

Whatever has been holding you back, we promise to have a simple solution to. Don’t let fear, stress, or financial obligations intimidate you away from beginning the home buying process. All the benefits that come from becoming a homeowner far outweigh any negatives. Especially when you have an expert team with over 30 years experience to guide you through each step of the way! 

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Here’s some of the top concerns we hear from clients who were on the fence about starting the home buying process….

I’m renting a home right now. If we ever need repairs, our landlord has it covered. I’m worried about having to cover expenses as a homeowner and all the responsibilities that come with it. I want to be a homeowner, but how do I overcome this fear? 

Even if you aren’t a natural “do-it-yourselfer”, there are many things around the house that are actually pretty easy to learn how to do! As long as you get familiar with basic tools, you should be good to go. We live in a whole new world of awesome technology. YouTube has a video or tutorial for literally EVERYTHING. 

I know the responsibility of buying a home may seem daunting at times. You can no longer rely on a landlord to come and fix whatever issue arises. BUT, there are plenty of classes, tutorials, and research that’s easy to get your hands on. This saves you money AND gives you more knowledge on how to do easy fixes on your own home. 

Repairs like replacing fixtures, leaky faucets, potholes, cracks in your driveway, repainting or re flooring, tearing out the carpet- these are just to name a few of the simple things that can be easily done yourself! 

Here’s a few resourceful links that’ll go through the different common home repairs and how to do it yourself!

https://lifehacker.com/outdoor-home-repairs-you-can-totally-handle-yourself-1702709456

http://www.bhg.com/home-improvement/advice/small-repairs-you-can-do-yourself/

https://www.familyhandyman.com/skills

http://www.diynetwork.com/how-to/maintenance-and-repair/repairing/simple-home-repairs

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I don’t know much about the process of becoming a homeowner, the qualifications,etc. How do I get started?

Don’t know the first thing about becoming a homeowner? A lot of first time home buyers may not know where to start. Once you and your family have decided your budget is in a good spot to get started, your first step is to apply and meet with a lender! They’ll guide you through the home buying process, go over your budget, income and credit info. Once you get pre-approved, your lender can now pinpoint the loan amount for which you qualify. Now you can focus on a set price range and do some real house hunting! Sellers take buyers more seriously with a pre-approval in hand. Here’s a pre-approval document checklist to give you an idea of what documentation needs to be prepared. 

Now let’s say you’ve found your dream home and made an offer. Now begins the Mortgage Loan Process with your Loan Officer. More paperwork is gathered, you’ll get a Loan Estimate, go through Processing, then Underwriting, and then finally Closing! To see a more thorough explanation of each step in this process click HERE! 

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We have foreclosed in the past, can I still qualify for a home?

Ever since the housing crisis in 2008/2009 that America faced, foreclosure doesn’t carry the negative stigma that it once did. Even the most responsible had no other choice but to face foreclosure during this recession. In the past decade, millions of homeowners went through foreclosure. Luckily, we are moving forward and things are starting to look up. In order to qualify for a home loan after foreclosing, you will need to re-establish your credit score, save money, and be prepared to provide a decent down payment. 

Ultimately, this answer varies depending on your finances, credit score, and how long it’s been since you’ve foreclosed. There’s usually always some sort of waiting period, on average 3 years. But don’t ever feel like all hope is lost in ever buying a home again if you’ve foreclosed in the past. With some patience and good financial skills, you’ll be a homeowner in no time! Click here to learn more about how to qualify for a mortgage after going through a foreclosure!

My credit score is pretty low. I have also recently filed for bankruptcy. Can I still become a homeowner? How long until I can qualify?

Don’t let your credit score be such a heavy burden or let it hinder you from starting the home buying process! If you know it doesn’t meet “home loan” standards, in a course of just several months to one year you could drastically improve your credit score and be ready to get approved! Study your credit report and clean it up as best you can. Although a decent credit score is imperative to qualifying for a home loan, other factors are taken into consideration as well. If your job history, income, and the percentage you’re able to put down on the home looks really good then that could balance out your below average credit score. Definitely do everything you can to pay off debts, learn which ones need to get paid off first, and practice other credit repair tips in the mean time.

As far as bankruptcy goes, it depends on which type you filed for. For a Chapter 7 bankruptcy you must wait a period of at least two years minimum from the date the action was discharged. With a Chapter 13, it varies depending on which loan you are trying to qualify for. You also must meet those programs credit score terms, and any other qualifications that traditionally come with them. Buying a home after bankruptcy is by no means unattainable. Be patient and consistent rebuilding your credit, since both Chapter 7 & 13 bankruptcy can dip your score pretty low. 

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Did we miss any questions you may have? Our knowledgeable team of Loan Officers are prepared to help you with any concerns! Our team has the best reputation in the Valley, just check out our 5 star reviews on Facebook & Google! 

Call us at 480-832-4343 or visit us at www.sunamerican.com


References:

https://www.usatoday.com/story/money/personalfinance/2014/02/19/first-time-homeowner-advice/5615307/