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First Time Home Buyers: Seven Tips to Consider

There have been many changes in the housing market since the financial crisis during 2008 and the foreclosure issues have also had an effect.

Top financial planners and economists are now offering up the following bits of wisdom for anyone that is thinking of purchasing a Denver home today.

1. Old school basics are back with the safest way to finance a Denver home purchase today being your traditional fixed rate mortgage with 20% down for those using conventional financing.  Qualified Denver home buyers can also still get good rates through FHA programs with only 3.5% down.
2. Be reasonable about the amount you borrow and do not overestimate the growth of your income.  It is true that those in their 20’s and 30’s likely will see quicker growth of their income than their parents, but a conservative approach may be the best option.
3. Home buyers considering starting a family may want to consider if they could live on only one income because having children sometimes makes it impractical for both parents to continue working.
4. Every home needs to be maintained and repaired over time so include a maintenance budget for your Denver home.
5. First time home buyers can rarely afford their dream home but can begin with a starter home so they can gain equity and save to purchase the home they dream of later.
6. Take into consideration properties which can be improved upon or expanded in the future when the assets become available.
7. Every home buyer is different but every home buyer should always feel comfortable with the mortgage they obtain for their home no matter the purchase price.
   

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