Now may be the perfect time for you to invest in your first home purchase. Homeownership is a cornerstone of the American Dream, and one action that can provide decades of advantageous benefits for those who take the proper steps. If you’re planning on undertaking this rewarding journey, it’s important to do the right things to ensure you are ready for the homebuying process.
B&M Amarillo Homes, LP focuses on creating the best outcomes for each of our clients. We have built over 2,000 homes in the Amarillo area, and can help you buy the brand-new home of your dreams through our proven process. Keep reading to continue our discussion on tips to help you prepare for buying a house, and be sure to contact us today if you’re ready to get started!
Secure Your Down Payment
Most purchasers will not be able to afford their new home in outright cash, so be sure to save up for a down payment to help get you into the new property. Higher down payments can result in much more advantageous terms for borrowers, with many experts pointing to 20% of the home’s value as an ideal starting point. In cases where buyers do not have the money required for a full down payment, lenders will often assess private mortgage insurance (PMI). This additional payment is often built into the loan, and provides assistance for the mortgage company if you cannot make payments. It’s important to plan properly in order to have the money in-hand for your down payment.
Loan terms can vary by mortgage lender and loan type. Some programs used by first-time homebuyers today offer advantageous terms for buyers who do not have the full 20% down payment:
- USDA loans are suited for rural subdivisions, allowing homebuyers to purchase their property with zero dollars down.
- FHA loans are available to nearly everyone, and only require 3.5% for down payments.
- VA loans for approved veterans are zero dollars down.
B&M Amarillo Homes covers your closing costs up to 2% of the sales price, providing an ideal opportunity for qualified buyers to buy a home with zero dollars down. Learn more about the B&M difference before you begin your home search!
One path that has been shown to help many first-time homebuyers is enlightenment through education. Numerous types of loans place requirements on first-time borrowers to attend classes or seminars focused on buying a new home. These presentations center on the responsibility of homeownership, including proper budgeting, payment assistance programs, and more.
Before you set forth in your quest to buy a home, it can help to narrow down where you want to live. Texas has many fine locations available, with amenities tailored to citizens of all lifestyles. Once you have found a few homes in your price range, we recommend researching the neighborhoods to find the best fit for your family. Is this new home close to schools and shopping, or is the commute to work acceptable? A range of personal preferences can play a large role in determining the right place to reside.
If you’re ready to move into an exciting new neighborhood, our company offers brand-new homes for sale across Amarillo, Texas. Be sure to browse all of our neighborhoods to find the right locale for you, and reach out to our team to discuss your home purchase!
Find the Right Professionals
Unless you are an experienced and trained homebuyer, the process of buying a home can be daunting. Many first-time buyers elect to hire real estate agents through personal references or online searches, who can provide the right advice and support through each step of the purchasing process.
Beyond finding a reputable real estate agent, you will also be tasked with hiring a trustworthy lender to assist you. Property professionals across Texas focus on delivering personalized results for each client, utilizing their expertise to negotiate the best terms. Keep in mind, though, that real estate agents charge a percentage of the home’s value for their fee. The same can be true for the selling agent, meaning you as the buyer may be responsible for 7% of your home’s value in purchasing costs!
Try the B&M Process Today
With our home construction company, you can upgrade to a brand-new home without the uncertainty, high costs, and hassle associated with the typical real estate process. Partnering with IPS Amarillo, we can offer the best deals for our new semi-custom properties. Be sure to follow our STEPs before buying your new home, and feel free to contact us anytime to start your journey!