Common Questions from First-Time Homebuyers

Why should I buy, instead of rent?


You'll love the feeling of having something that's all yours - a home where your own personal style will tell the world who you are. A thriving vegetable garden in the backyard, a tiled entryway, a yellow kitchen...when you own, you can do it all your way! But there's more to owning a home than personal satisfaction. By owning your own home, there are many different ways to save money on your taxes. You must also consider the fact that when you own a home there's possibility it will go up in value through the years and that money is yours, if you rent, you write your monthly check and it's gone forever.

I'm a single mother. How would I go about buying a home?

Answer: Although you won't have the benefit of two incomes, there's no reason that you can't become a homeowner. Let me help you become familiar with the process.

Should I use a real estate broker? How do I find one?

Answer: Using a real estate broker is a very good idea. All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier. Billy Roper  will be well-acquainted with all the important things you'll want to know about a neighborhood

you may be considering...the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more. He'll help you figure the price range
you can afford and search the classified ads and multiple listing services for homes you'll want to see. With immediate access to homes as soon as they're put on the market, Billy can save you hours of wasted driving-around time. When it's time to make an offer on a home, Billy can point out ways to that may save you money. He will also guide you through the paperwork, and be there to hold your hand and answer last-minute questions when you sign the final papers at closing. 

How much money will I have to come up with to buy a home?

Answer: Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money - the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment

, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs
, the costs associated with processing the paperwork to buy a house.

When you make an offer on a home, Billy will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies. The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. FHA loans

require only 3% down - and sometimes less. Closing costs - which you will pay at settlement
- average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you won't be caught by surprise.

Call Billy Roper today at 663-1400 and let him help you through the home buying process.

Copyright U.S. Department of Housing and Urban Development