Are you a first time home buyer with questions and concerns about buying a house in the 2024 housing market? How much should you put down? What type of loan should you do? How much are the closing costs? We gathered input from over 4,000 inquires from first time home buyers who have put an inquiry on my website and digested it down to the most common concerns that home buyers have so we can help you become The Edcuated HomeBuyer.

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The responses to the question about concerns with buying a home or getting a mortgage can be categorized into several key areas:

1. Financial Preparedness and Credit Issues: Many respondents expressed concerns about their credit scores, debt-to-income ratios, and the impact of existing debts, including student loans, on their ability to qualify for a mortgage. There's also apprehension about saving enough for a down payment. - https://youtu.be/QHL28wYGWBQ

2. Loan Types and Eligibility: Questions about qualifying for specific types of loans, such as FHA, VA, and conventional loans, were common. Respondents were interested in understanding which loan would be best for their situation and how to navigate the eligibility requirements. - https://youtu.be/sxhGc1zaL0o

3. Mortgage Process and Costs: Concerns about the overall mortgage process, including getting pre-approved, understanding loan estimates, interest rates, closing costs, and monthly payments, were frequently mentioned. Many are looking for transparency and guidance through this process. - https://www.youtube.com/watch?v=5-kmdsF6omo

4. First-Time Homebuyer Programs and Assistance: There's a noticeable interest in programs for first-time homebuyers, down payment assistance, and other forms of financial aid. Respondents are seeking information on how to access these programs and the benefits they offer.
5. Property Concerns: Beyond financing, respondents are also concerned about finding the right home that meets their needs in terms of size, location, and price, without becoming "house poor." Issues related to the property itself, like meeting the needs of a family or including specific features, are also mentioned. - https://youtu.be/c2EecxbSMvI

6. Income and Employment Concerns: The stability and sufficiency of income, especially for self-employed individuals or those with variable incomes, were mentioned as concerns related to mortgage approval and affordability. - https://youtu.be/-WVxJBM879o

7. Interest Rates and Market Conditions: Some respondents are worried about navigating current market conditions, including interest rates, and how they affect the affordability of mortgages and homes. - https://youtu.be/NMYIB9YhX_A

8. Personal Circumstances: A variety of personal situations, such as being a first-time buyer, a veteran, dealing with a divorce, or relocating, influence concerns about the home buying process and the desire for tailored advice and support.

In summary, the main concerns with buying a home or getting a mortgage revolve around financial readiness, understanding and navigating the loan process, finding suitable programs for assistance, dealing with the complexities of the current housing market, and addressing personal or family needs in relation to property features and location.

Connect with me 👇

Jeb Smith (huntington beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty
➡I N S T A G R A M ➳ https://www.instagram.com/jebsmith
➡Y O U T U B E ➳https://www.youtube.com/c/JebSmith

Connect with me 👇
Josh Lewis (Huntington Beach Certified Mortgage Expert)
NMLS ID: 234220 | CA DRE: 01209148
United American Mortgage | NMLS ID: 1942
➡I N S T A G R A M ➳ https://www.instagram.com/borrowsmartjosh
➡Y O U T U B E ➳https://www.youtube.com/c/buywiseborrowsmart

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