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Getting Ready To Buy High Desert Real Estate
When you are planning to purchase a home, one of the first steps you will need to take is making a down payment. This payment is the initial cost that you will pay at closing, while the remaining balance is financed by your mortgage lender. In California, lenders usually require buyers to contribute 20% of the house’s price as a deposit. However, there are different options available to help lower your down payment amount.
One of the options is to consider applying for a government-backed loan, such as the FHA or VA loan. These loans have different requirements, but they make it possible to either contribute as little as 0% (VA loan) or 3.5% (FHA loan) of the total purchase price as a down payment. Conventional loans, which are not government-backed, will often require a down payment of 3-5%, although you should check with your lender to determine their minimum requirements. Overall, it is important to explore your different options before choosing the best option for your financial situation when purchasing a home.
When you are ready to get started, call us at (442) 255-8255 or complete this short form and one of our agents will be in touch.
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Other Things To Consider
Get Your Financials in Order
Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability. Large purchases or loans can affect your credit and balance sheet in a way that can limit your buying options. Your credit score will hold a significant impact on the type of property you can buy, your interest rate and overall property price. We can work with one of our preferred lenders to get an updated credit to know exactly where it stands. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and TransUnion. We are happy to recommend seasoned, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.
Organize Your Finances
When it’s time to make an offer, you’ll want to know you’re fully prepared to close the deal. In order to avoid delays, bidding wars, or conflicts, preparing your financials is crucial.
- Bank accounts
- Recent pay stubs
- Check Your Credit Rating
- Financial statements
- Investments
- Tax returns for two years
- Credit cards
- Auto and other loans
- Copies of leases for investment properties
- 401K statements, life insurance, stocks, bonds, and mutual account information
Pre-Qualified Vs. Pre-Approved
The difference is the verification process lenders use to determine how much you qualify for. With a pre-qualification, lenders rely on self-reported information to offer you a quote. It doesn’t typically require them to verify your credit, employment, or financial documentation. On the other hand, pre-approval involves verifications to approve you for a mortgage loan. Lenders review your credit, verify your employment, and look at financial documentation, like pay stubs, bank statements, and tax returns.
A pre-approval is a stronger indication to the seller that the offer is solid and will close.
Tips For Buying The Perfect Home
Don’t Max Out Your Budget
Just because you’ve been approved for a max amount, doesn't mean you should spend it all on the home's sale price. You will want to set some of that aside for closing costs, taxes and potential home repairs or remodeling.
Get To Know The Area
Make sure the neighborhood works for you and your family - are you close to schools and is shopping conveniently located? Location is important because it’s the one feature that can’t be changed.
Don’t Skip The Inspection
Inspections are worth their weight in gold and will draw attention to problems you may not otherwise see, giving you peace of mind and letting you make more informed decisions about your purchase.
Get Pre-Approved
Getting pre-approved by a lender lets the seller know you are serious and ready to purchase a home and that you are not just window shopping. Check out our list of recommended lenders here.
Make a List of Deal Breakers
Know what you can live with and what you cannot live without and also those things that can be taken care of with a simple remodel. If you need a 4 bedroom home, don't buy one with 2 that requires a massive addition which can break your budget.
Look At The Age Of Appliances & Other Systems
Some of the most expensive features of a home are Appliances, HVAC, Hot Water Heater, Septic/Well, and Roof. You should pay attention to their age and whether they have required service. You may even be able to get the seller to add a home warranty.
Check For HOA Requirements
Most neighborhoods have HOAs that govern what you can and can't do - be sure you know what the rules are for your neighborhood, and the fees associated with having an HOA. They are usually listed as annual fees.
ONE PARTNER FOR ALL YOUR REAL ESATE NEEDS
What Price Range Can I Afford?
Resources For High Desert Home Buyers
The journey to homeownership starts by understanding how much you can afford. One major thing to consider is your down payment, if any. Many consumers believe it's impossible to buy a home without at least 20 percent down. But thanks to various government-sponsored programs, many people can now buy a house with as little as 3.5 percent toward a down payment. Veterans of the U.S. military have zero-down programs available.
Finding a knowledgable Mortgage Loan Officer is key to recieving the most up-to-date information on available lending options. Feel free to check out or vetted list of preffered lenders below - or, if you just want to run some quick rough numbers, check out our free mortgage calculator.
Learn More About Other Cities We Serve
- High Desert
- Hesperia
- Apple Valley
- Victorville
- Adelanto
- Phelan
- Wrightwood
- Pinon Hills
- Silver Lakes