Due to request from our readers, we have reported the below
14 points to consider on The Home Buying Process for first time home buyers
The below explains how to buy your first home, in step-by-step fashion. The Home
Buying Institute recommends that the steps be taken in the order they are presented
1. Start saving money. You’ll need it for the down payment, closing costs, etc. Start today.
2. Check your credit score. It takes time to improve a score, so start early if needed. On
average, you’ll need a score above 650 to get a loan, and above 760 to get the best rates.
3. Get copies of your credit report. Check them for errors, and make corrections if necessary. Mistakes on your reports can hurt your credit score.
4. Establish a home-buying budget by comparing your monthly debt to net monthly income.
5. Determine how much you can afford to spend on a mortgage payment each month. Do
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