Buying a home for the first time is exciting but there’s undoubtedly a lot to consider. In addition to applying for a home loan, budgeting for closing costs, and working with a realtor to get the sale closed according to schedule, there are steps you can begin taking today to eliminate the risks or regrets that many first-time home buyers face. Receiving all of the free professional advice you can obtain before closing the sale will essentially put you at an advantage of making the best decision for you and your family.

Here are three suggestions to consider as you make your way to becoming a homeowner:

Tip #1. Make sure your mortgage meets your budget.

While most home loan lenders will request proof of income during the application process, it’s important to also personally examine your monthly expenses. The typical ratio of a mortgage to income ratio is 28% but that may vary depending on the mortgage loan, your credit score, down payment, and other factors. The important thing to consider here is how a mortgage will fit into your monthly expenses. You want to be sure you’re comfortable with the price.

Tip #2. Set aside enough money for post move-in expenses.

Well before your move-in date, you’ll want to have a clear idea of how much money you’ll be spending on furniture and decorations. As a first-time home buyer, you have the choice of filling your home with furniture passed down from relatives or investing in new pieces. If you’re set on new furniture, then you want to be sure you’ve saved enough for furniture and more. Make a list of each room then start to list what each one will need that you don’t already own. This will help you budget for these expenses.

Tip #3. Make a list of things that are non-negotiable.

Knowing what you like and dislike is key in the home buying process. As a first time home buyer, you must decide what is non-negotiable and stick to your guns. Ask yourself what features would make you miserable and which ones are an absolute must. These two lists will help you as you explore properties. If you’re a couple, it’s critical that the two of you mutually decide what one another wants and make agreements with wholehearted honesty. Of course, it may be impossible to find a home that meets every single one of your desires, which is why the items you without a doubt are against will serve as a decision maker.       

Discover the Benefits of Being a First-Time Home Buyer at Cullers Homes

At Cullers Homes, we know that buying a home for the first time can feel like a roller coaster. The highs are when you see a home that you and your family will enjoy for years to come and the lows can feel like moments when you think it’s impossible. At the end of the ride is your dream home waiting for you. Connect with us today to find that dream home.  

Buying new homes in the city of El Paso is much easier than you might’ve initially thought. Instead of paying rent for an apartment you’ll eventually move out from, you’ll be able to make monthly mortgage payments and build equity! Once you finish paying off your home, you’ll hold the proud title of “Homeowner.” Even the city of El Paso makes it easy for first time homeowners to purchase a home. If you’re ready to move out from your cramped apartment and into a beautiful new home, choose Cullers Homes.

How To Get Help from The City of El Paso When Buying New Homes

If you’re a first-time homebuyer, you can take advantage of the city’s First Time Homebuyer program. This program provides zero percent (0%) deferred loans for first-time homebuyers who are purchasing a property in El Paso. You will select your own eligible property to purchase and then you’ll meet with one of the approved participating lenders to pre-qualify for a mortgage lender’s commitment. In order to become eligible for this program, first-time homebuyers must complete a “Guide to Homeownership” course offered by the El Paso Credit Union, Affordable Housing, or Project Bravo before submitting an application. Once completed, the applicant’s gross annual household income must be between 60% and 80% of the median income for El Paso. For a single person, 60% annual gross income is $22,020 while 80% is $29,350. If you fit this criteria, your future as a homeowner may be closer than you might’ve initially thought!

Cullers Homes is Ready to Help

Making the decision to buy a new home in the El Paso area is beneficial for a variety of reasons. For starters, you’ll be able to settle down and not worry about issues like moving out once a lease ends or fitting in a small, one bedroom apartment. Now, you’ll be able to have a place to call home. What’s great about the El Paso area is the mere size of it. You can purchase a new home close to work, close to good schools, or close to entertainment and shopping. It all depends on your specific needs. When you purchase from Cullers Homes, you’ll be able to have a beautifully designed home to call your own. We take pride in our work and understand what homeowners in the city of El Paso need. Contact us today to learn more about what Cullers Homes has to offer!