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Step 1
Start your new home search. Things to consider are where you want to live, size of house that you need and the price that you can afford. Calculate monthly expenses in comparison with your income to discover the amount left over per month. A good rule of thumb when buying a new house is that your house payment shouldn't exceed half of your monthly income.
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Step 2
Hire a realtor if you don't have the time to search extensively on your own. Realtors will search for you in order to sell one of their listings. When they find your perfect house for you, they will order an appraisal and check on the title to the house. After you have signed a purchase agreement, they will submit your bid for the house to the seller. They will let you know when the bid is accepted.
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Step 3
Find a lender that offers a first-time home buyers program or FHA loans. These will be the ones best suited for new home purchases. The mortgage industry has taken a turn recently that could possibly affect your ability to qualify if you use a broker. Check with your local bank, as they may be able to get you financing at a decent rate.
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Step 4
Gather and take all of the required paperwork to have the home loan approved, once you find a lender. You will need pay stubs, tax returns and bank statements for verification purposes. They will run your credit and get your approval. Only a phone call away, letting you know that you are ready to close on your home loan. In the meantime, you can start packing, because you are almost there.
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Step 5
Go to your loan closing. After you set your closing date, the title company will prepare all of your loan documents and sometimes, they will even come to your house for you to sign papers. They will also record the mortgage and file for the deed to be put in your name. You will then own your very own house, your first home together.
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Step 6
Move into your new home and enjoy it!
