Your Questions About South Dakota’s First-Time Homebuyer Program Answered
Is this your first time buying a home? Mortgage Banker Kevin Carlson fills you in on South Dakota’s First-Time Homebuyer Program.
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Some of the most common “big life decisions” we make are often going to college, getting married, having children, and buying a house.
What these milestones have in common is that they are all huge financial and emotional investments. While we won’t be much help for you in deciding if you’re prepared for a visit from the stork, our mortgage experts can certainly help you prepare your finances for buying a home in the near future.
Our first piece of advice in finding out how much home you can afford would be to reach out to our mortgage bankers. But we also believe there are a handful of actions you can take to improve your chances of landing a great, low-interest loan and get you in that house before you know it.
First off, how do you know you’re really ready to purchase a home? You should be able to answer “yes” to the following statements:
If you answered “yes” to all the statements above, then you are well on your way to unlocking the door to your new home. But if you answered “no” or “not sure” to any of the above, here’s some advice on each that can prep you and your finances for a future homeownership.
In general, saving isn’t very easy for anyone. From student loans to credit card and car debt to daily expenses like groceries, gas, and daycare, putting away pennies can be a challenge. But we’re here to help.
“If you are concerned about that down payment, Plains Commerce offers down payment assistance as well as many programs that require little or no down payment. When you work with us, we look at all of these options and find the best ones for you,” remarks Dawn Van Nieuwenhuyzen, Senior Mortgage Banker.
Some common ways to save money:
Bottom line: Talk to us right away so you can prepare. We’ll let you know how much (if any) down payment is needed, then we’ll strategize to get you there.
Although everyone’s situation is unique to them, even if your credit and/or credit scores are an issue, we can guide you to a solution.
Bottom line: It’s OK to have credit cards and debt. In fact, it’s healthy to owe a little as long as you are paying down balances regularly and on time.
Bottom line: Don’t become “house poor” because you bought beyond your means.
Bottom line: There are pros and cons to renting versus owning. Be sure you’re ready to take on a little more responsibility with your new home and understand owning a nest of your own requires a nest egg to maintain.
The best way to get the right answers and insights is to connect with a mortgage banker in your area. Many first-time homebuyers choose our experts because we understand the ins and outs of the local market better than anyone. You can also get a broader view with our online mortgage calculators.
“When you are informed, things become a lot less scary. Our clients love the clarity we provide to you through the home buying journey,” says Van Nieuwenhuyzen.
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