Our real estate agents know buying your first home can seem complicated – really complicated. 

We've designed a home-buying tool just for you! You enter a few pieces of information, and we'll return a list of homes we think are affordable for you based upon those entries. It couldn't be easier!

Still, the more you understand going into the process, the easier it is to be prepared.

Let's consider these things all first-time home buyers should know:

1. There Are Mortgages "Just for You"
   Yes, there are plenty of mortgage programs out there just for first-time buyers. Many of them offer favorable terms and let you go forward without a down payment. However, some homes may not be eligible, or there may be other requirements (like attending "buyer education.")
2. A Down Payment is Always a Good Idea
   You should start saving at least six months before you consider getting a mortgage. Gone are the days when you needed to have a 20% or 25% down payment just to get a loan, but it remains a sound idea to put something down. Even 10% now will save you thousands later.
3. Lenders Aren't "One Size Fits All"
   Mortgage programs, especially for first-time buyers, tend to adhere to rigorous standards set by the state or federal government. Outside that, however, each lender sets up its own programs that can vary greatly in terms. Shop around for the lowest APR before you commit.
4. You'll Need to Prove Income
   For most people, proving income is as simple as providing two years of taxes and a few months of pay stubs. If you're self-employed or have other unusual arrangements, however, you might need to do some extra footwork. Yes, savings can positively affect your loan decision.
5. An Expert Real Estate Agent is Key
   Your real estate agent orchestrates the entire buying process. He or she starts by helping you determine your budget and gives you leads on properties that meet your needs. But there's more: Dozens of hours of work go into your buy behind the scenes, so be sure you trust your agent.
6. Your Bank May Require an Appraisal ...
   When coming up with a loan package, banks try to give you just about "exactly" what you need. They might call for an expert appraiser to visit the property and ensure its market value is aligned with your loan amount. This does not tell you about the home's actual condition, however.
7. ... and You Should Insist on an Inspection
   A home inspection is when you learn about the home's condition and any repairs that could be needed. Be especially wary of problems with the electrical and septic or sewer system. If there are repairs to do, you can negotiate for the seller to perform them, provide cash, or lower the sale price.
8. A Land Survey Can Protect Your Investment
   If you are buying in a less-developed area where the boundaries between properties are not necessarily clear, get a land survey. A survey will give you documented proof of exactly where your land begins, preventing conflicts with your neighbors in the future.
9. Set Some Cash Aside for Home Improvements
   A home will very rarely be perfect from the first moment you move in. Some loan packages will provide money set aside for improvements, while others rely on you to tap your savings. Either way, leave yourself some cushion to do "this and that" around your property.

By seeking and reading this article, you've taken a big step forward. Still, piecing together everything you need to know can be a hassle. Our team can put you on the right track: Just contact Napier ERA to get your home search started in our Central Virginia real estate communities.