First-Time Home Buyer Guide: St. Louis & St. Charles

BUYING YOUR FIRST HOME DOESN'T HAVE TO FEEL COMPLICATED

Buying your first home is exciting, but there are a lot of moving pieces between deciding you're ready and actually getting the keys. You may be wondering how much money you need, what credit score is required, what type of loan makes sense or even where to start.

That's where having a plan — and the right people helping you — makes a difference.

STEP 1: FIND OUT WHAT YOU CAN COMFORTABLY AFFORD

Before scrolling through homes, it's important to understand what monthly payment actually works for you.

A lender can help determine what you may qualify for, but qualifying for a certain amount doesn't necessarily mean you have to spend that much.

Your potential payment can include principal, interest, property taxes, homeowners insurance and, depending on your financing, mortgage insurance or other costs.

The goal isn't simply to buy a house. It's to buy a house that makes sense for your life and budget.

STEP 2: YOU MAY NOT NEED 20% DOWN

One of the biggest misconceptions among first-time buyers is that you automatically need a 20% down payment.

Depending on your qualifications and loan program, lower-down-payment options may be available, including FHA, conventional, VA and other programs.

There may also be down-payment or closing-cost assistance programs available to qualifying Missouri buyers.

A qualified lender can help you compare your options and determine which programs you may qualify for.

STEP 3: GET PRE-APPROVED

A mortgage pre-approval gives you a clearer picture of your purchasing power before we start seriously shopping.

Once we know your approximate price range, desired payment and financing situation, I can build a home search around what actually makes sense for you.

Then comes the fun part.

STEP 4: START THE HOME SEARCH

This is where we narrow things down.

We'll look at factors such as location, price, bedrooms and bathrooms, commute, property condition, taxes, neighborhood features and the things that matter specifically to you.

Whether you're looking in St. Louis, St. Charles or the surrounding communities, the goal isn't to show you every house available.

It's to help you find the right options.

STEP 5: MAKING AN OFFER

Finding the house is only part of the process.

When you're ready to make an offer, we'll look at the property, comparable sales, current market conditions and other factors before deciding how you want to structure your offer.

Price matters, but so can financing, contingencies, closing dates and other terms.

I'll walk you through those decisions before anything is submitted.

STEP 6: INSPECTIONS, APPRAISAL & CLOSING

Once an offer is accepted, we're not finished.

Depending on your transaction, the next several weeks may include inspections, negotiations, appraisal, financing requirements, title work and the final walkthrough.

I'll help you keep track of what's happening and what comes next as we work toward closing.

THEN YOU GET THE KEYS

That's the part everybody pictures.

But my job starts long before we're standing at the closing table.

If you're thinking about buying your first home but aren't sure whether you're ready yet, that's okay. We can start with a conversation and figure out what your next step should be.

Micadez Favors, REALTOR®
EXIT Elite Realty

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