Purchasing your first home or apartment is a daunting process for many, but doing your research ahead of time will ensure that you embark on this journey with as much knowledge as possible. Reading up on homebuying dos and don'ts before getting started will make your experience much more enjoyable.
Here, Rob McGibney, the president and COO of homebuilding company KB Home, is here to share five common mistakes that first-time homebuyers make, as well as how to avoid them.
Many people believe that they have to have a hefty savings account and an extremely high credit score in order to be able to initiate the process of buying a home.
According to a recent survey administered by KB Home and fielded by The Harris Poll, only 36 percent of American adults were aware that a 20 percent down payment is not, in fact, required to purchase a home. Additionally, only 28 percent of those surveyed were aware that it is indeed possible to be approved for a mortgage with a credit score in the 500 range.
«The most common mistake people make is not getting started on a homebuying journey because they think a home is out of reach,» McGibney says, noting that first-time buyers may qualify for special programs.
McGibney recommends working with a trusted counselor such as a loan officer to help you better understand resources and programs. McGibney explains that, for example, Federal Housing Administration (FHA) loans only require a 3.5 percent down payment, and Veterans Administration loans do not require any sort of down payment, therefore easing the home buying process for many.
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