Buyer's Guide

Lenders recommend that you spend no more than 3-5 times your annual income on a new home. You can find many mortgage calculators online, which provide a great starting point. Keep in mind that most conventional lenders look for about 2 years of employment history with your current employer.
When calculating closing costs, don't forget to include extra expenses like attorney fees, home inspection, appraisal, and for any immediate improvements.
A great real estate agent will have relationships with lenders who are knowledgeable and experienced.

While it's ideal if you can put a 20% down-payment on your new home, it certainly isn't necessary. There are many ways to put down much less and with certain types of loans you may need as little as 3.5%.

Once you've found the home you want, the next step is to make an offer. We will look at comparable properties in the area and decide on a strong first offer.
Many owners price a little high expecting to negotiate so we will take that into consideration as well.

It's always a good idea to add a contingency clause into your offer stating that you have a certain amount of time to have the property inspected. This gives you the right to back out of the agreement if you and the seller can't agree on repairs or if your lender requires a larger down payment to cover the difference between what they are willing to finance and the selling price.

Plan to attend the inspection and be prepared to ask any questions you have.

You will receive a report of findings, but it's sometimes easier to see the issue and hear the information directly from the inspector.

After the inspection is complete, decide if there are any pressing issues you want to negotiate with the seller.

Be careful to not be too picky, but also not let major concerns go unaddressed.

The loan is only fully complete after the lender approves the loan. You will receive a final approval letter after they review your income, credit report and employment status once more.
Home owners insurance is also required before the mortage company will finalize the loan.

Closing is the final step for you to become the legal owner of your home. You will take a final walk-through just before closing to assure that negotiated work has been completed and everything is in working order.
The closing process itself requires a lot of paperwork and patience. Be prepared with your government issued photo ID, cashier's check and any other documents required by the title company or loan officer.
Don't forget to re-key all the locks and change the garage door opener code when the property is officially yours.
Congratulations on your new home!