First-Time Buyer FAQ

No. A 20 percent down payment is not required for every mortgage. Different loan programs have different down payment requirements, and your lender can help determine which programs you may qualify for.

No. Your credit can affect which loans you qualify for, your interest rate and other loan terms, but you do not necessarily need perfect credit to purchase a home. A lender can review your specific situation and explain your options.

You can absolutely speak with me first. That said, getting pre-approved early is extremely helpful, because it lets you understand your financing options and set a realistic shopping budget. Your REALTOR® and your lender have different roles and work together throughout the transaction.

Real estate compensation is negotiable and should be discussed before entering into a representation agreement. I will explain how compensation would work in your particular transaction before you decide to move forward.

Possibly. Having student loan debt does not automatically prevent you from purchasing a home. Your lender will evaluate your overall financial situation, including your income and monthly debt obligations.

Self-employed buyers can qualify for mortgages too. Lenders may require additional documentation to verify income and evaluate the stability of the business, so talk with a lender early and you will know exactly what to gather.

There is no single timeline that applies to everyone. Finding the right home could take days or months. Once you are under contract, your closing timeline depends on the contract, financing, inspections, appraisal, title work and other requirements.

It depends on whether the offer has been accepted, the terms of the contract, the applicable deadlines and the circumstances. Once you enter into a contract, your rights and obligations are governed by that agreement. I can help you understand the deadlines and the contractual options available to you.

Almost every home inspection identifies something, and the importance of those findings varies considerably. Depending on your contract and circumstances, you may be able to negotiate certain items, accept the property in its current condition, or exercise other contractual rights.

A low appraisal does not automatically mean the transaction is over. Depending on the financing, contract and circumstances, possible solutions may include negotiating with the seller, bringing additional funds, reviewing the appraisal or exercising applicable contractual rights. Your lender and I can help you understand your options.

Whether an inspection is required depends on the circumstances, but every buyer should understand the value of having a property professionally inspected. An inspection can reveal information about the condition of a home that would not be obvious during a showing.

Typically you receive possession according to the terms of your contract, after the transaction has properly closed and funded. Your title company and I will let you know when everything is complete and the keys can be released.

That is okay. You don’t need to know everything before reaching out to me.

You don’t need to know which loan you want. You don’t need to know exactly how much you can afford. You don’t need to understand all the real estate terminology. And you definitely don’t need to have your dream home picked out already.

We can start with where you are right now, talk about what you are looking for, and figure out your next step together.