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looking for a home? What are the steps to take when buying a home for the first time? I am absolutely clueless and anyhelp would be appreciated! Thanks!

2 Thoughts on Does anyone know of any programs in Columbus, Ohio that will help first time home buyers start the process of?
  1. Reply
    August 17, 2011 at 12:09 am

    Search or your local development commission. Local governments want to encourage homeownership, so you might find a seminar or other resources. Just make sure it’s a government or non-profit seminar and not some sales seminar.

    Also, consider calling a few mortgage brokers (to review your finances and loan options) and real estate brokers (to help you find houses) to set-up informational meetings about first time homebuying. Make sure you call a couple different brokers for comparisons. It shouldn’t cost you anything and a good broker should be willing to patiently explain the process to you. Our real estate broker sat down with for us for two hours to explain the process.

    Obviously, you don’t want to deal with anyone who seems impatient with you, seems to pressure you into doing something you don’t understand, or you just don’t get along with. There are plenty of underemployed mortgage and real estate brokers out there trying to win your business (and their commission), so it should not be hard to find someone who specializes in first time homebuyers.

  2. Reply
    August 17, 2011 at 12:25 am

    Many community colleges have short courses on buying your first home.
    Need adequate down payment, good credit, stable employment and adequate income and low debt ratio.

    Rule of Thumb: Don’t pay more than 1/4 of income on housing (PITI) and not more than 1/3 on housing with utilities. DON’T overextend yourself when buying, most common problem of first timers.

    Go to lender and get pre-approved. Find out what you can afford. Start attending open houses to see LOTS of homes in the area, and to meet many realtors. Then select a realtor to be your buyer’s agent and start looking seriously.

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