FIRST HOME Q&A

Q&A for first-time home buyers:

What can I afford to buy?

Every buyer is unique – and lender and Realtor will help you find out just what you can afford. Your income and your debts will typically play the biggest roles in determining your price range.

Do I have enough money to buy my first home?

There are a number of mortgage programs available, and your Lender and Realtor will help determine which can work for you – some loans require little money down. You'll also need to consider closing costs and the escrow account for taxes and insurance.

What about my less-than-perfect credit report?

There are loan options available for those who have less than perfect credit.

What's the best loan program for me?
That depends on a number of factors, including:

• How long you'll stay in the home;
• How much money you'll put down;
• How you'll finance the closing costs.

What are the tax benefits to owning a home?

You may be able to deduct the interest you pay on the mortgage loan and some of the financing costs of the home, such as points. And your property taxes could be deductible. You should consult your tax advisor for more information.