I'm a first-time home buyer, where do I start?

Before you start house hunting, it's essential to know how much you can afford. Take the time to assess your financial situation, including your income, savings, and other debts. This will help you establish a realistic budget. Additionally, consider getting pre-approved for a mortgage. This process not only gives you a clear idea of what you can afford but also strengthens your position when making an offer on a home, showing sellers that you're a serious buyer.

Getting pre-approved for a mortgage offers several key benefits for home buyers. First, it provides a clear understanding of your budget by revealing how much you can borrow, allowing for realistic financial planning. This pre-approval also strengthens your offer, making you more attractive to sellers who prefer buyers with confirmed financing. The process streamlines the home-buying experience, as much of the paperwork is handled upfront, potentially speeding up closing once you find a home. Additionally, it may help you secure better interest rates, as lenders often view pre-approved buyers as lower risk. Knowing your finances and having a pre-approval letter can instill greater confidence during your search, while also identifying any potential challenges early on, such as credit issues. Overall, getting pre-approved is a strategic step that enhances your home-buying journey and increases the likelihood of successfully purchasing your desired property

First-time homebuyer programs in New York are designed to make homeownership more accessible and affordable, especially for individuals and families with limited savings or moderate incomes. These programs often offer financial assistance in the form of grants, forgivable loans, or reduced-interest mortgages to help cover down payments and closing costs. Statewide options, like those from the State of New York Mortgage Agency (SONYMA), provide low-interest loans and down payment assistance of up to $15,000 or more. Many local governments and nonprofit organizations also run regional programs tailored to community needs, such as grants in Rochester, Albany, Monroe, or Suffolk County. Eligibility typically depends on income, property location, and completion of a homebuyer education course, making these programs valuable tools for turning the dream of owning a home into a reality. If you're interested in one of these programs and think you might qualify, speak to your lender about the options available to you.

Yes, you can buy a house even if you have debt—many homebuyers do—but your ability to qualify depends on several key financial factors. Lenders primarily look at your debt-to-income ratio (DTI), which is the percentage of your monthly income that goes toward debt payments. Most prefer a DTI below 43%, though some programs, like FHA loans, may allow up to 50% if you have strong credit. Other important factors include your credit score, income stability, and available down payment. A higher credit score and consistent income improve your chances, and down payment assistance programs can help offset savings limitations. To increase your odds of approval, it's helpful to pay down high-interest debt, avoid taking on new loans before applying, and get pre-approved to understand what you can realistically afford. With careful planning, it’s entirely possible to buy a home while managing existing debt.

Buying a home can feel overwhelming, but a buyer’s agent is there to make the process easier for you. They’ll help you find the right place, set up showings, and guide you through things like making an offer and handling paperwork. It’s their job to look out for your best interests, answer your questions, and help you avoid any bumps along the way. Plus, in most cases, their services are paid for by the seller—so you get expert help without added cost. 

Delayed negotiations are a common practice in real estate where a seller sets a specific date and time to begin reviewing offers on their home. Instead of accepting offers as they come in, all interested buyers can submit their offers by the deadline, and the seller will consider them all at once. This gives everyone a fair chance and often happens in competitive markets where multiple offers are expected. If you're buying a home with delayed negotiations, it’s important to have everything ready—like your pre-approval and offer—before that deadline