If you are striving to enter the world of home ownership for the first time, you are going to need some assistance. There are new terms to learn, rules to know and loans to apply for, not to mention you need to find the right house! There is assistance out there to help you navigate these unfamiliar waters if you know where to look.

Real Estate Agent

You can cruise around shopping for sale by owner signs, or you could browse the newspaper for advertisements. However, you are likely going to need the assistance of a real estate agent at some point in the process. While you do not have to find an agent first, it is a good idea since they know a great deal more about the housing climate where you live. Choose a reputable agent, and also look for someone who you feel comfortable with plus someone who totally explains the real estate process in a way that is understandable to you. Meeting face to face at an Agent’s office is one of the best ways to find out about the local real estate market and if the Agent is experienced enough for your needs and objectives. Buyers can sometimes get caught up in jumping in an Agent’s car to look at homes and totally ignore that taking the time to meet first in a business setting is crucial in this important once in a life time transaction. Once that is out of the way your agent can be a great source of information about homes, writing a contract, home inspections, financing programs and much more.

Learn All You Can

You have heard it said that knowledge is power and the more you know about the real estate process and financing the better prepared you will be. First time home buying assistance is not always about finding someone to help you, sometimes your assistance will come from real estate or financing seminars given by state, local, federal or nonprofit organizations. You can gain great insight on what your steps to home ownership are going to look like as well as where you can go to apply for first time home buyer assistance loans.

Affordability

The first thing you will need to determine is how much house you can afford. The rule of thumb is no more than one quarter of your take home pay. This means whatever you make in a week will be equivalent to your house payment, or at least it should be. A good deal of the trouble with the housing crisis was because people were offered and given home loans that were way above what they could afford. Do not get caught up in this trap!

Debt

How much bad debt do you have on your report? Run your credit report before you begin applying for loans. There is a good chance there are erroneous entries on your report which you can have removed, significantly improving your FICO score and your chance of getting a first time home buyer assistance loan.

Conclusion

There are many steps involved in purchasing your first home and you will need all the help you can get. This includes assistance from realtors, bankers, state or local programs and much more. Never rush into the real estate scene without knowing full well what you are getting into.