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Become familiar with the homebuying process
Register for a homebuyer education class — a homebuyer education certificate is required for many first–time homebuyers and down payment assistance programs. These classes must be certified by the Washington State Housing Finance Commission (WSHFC) and are offered through many lending institutions at little or no cost. Find free Homebuyer Education Classes in your area.
Research down payment assistance programs available in your city or state and make sure that you read the restrictions and qualifications for each program.
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Choose a lender and get pre–approved
Make an appointment with an Affinity Loan Officer to assess you financial situation. You will need to provide the following items:
- A list of current debts (copies of current billing statements are the best)
- Current paycheck stubs
- Verification of funds to close (bank statements, retirement account information, gift deposits, etc.)
When you and your loan officer determine you are ready to begin your search for a new home, obtain a pre–approval letter from the loan officer that reflects your ability to qualify for a loan at the amount you wish to pay for a house.
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Look for a home
It is recommended that first–time homebuyers consider using a real estate professional. In addition to helping you search available listings and negotiating the terms of the purchase and sale agreement, an agent can also guide you through the rest of the homebuying process and make sure that financing conditions are met in a timely manner. Interview potential agents so that you feel comfortable with their methods and that they are familiar with the areas you are interested in. Real estate agents can be very helpful in negotiating purchase prices.
The pre–approval letter can help strengthen your offer, so be prepared to give a copy to the real estate agent or seller when you make an offer.
Be aware of program guidelines before making an offer. It is good to inform your real estate agent about the loan program you were pre–approved for so they can make sure to include any restrictions in their property search.
Make an offer and obtain a signed Purchase and Sales Agreement.
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Have a home inspection
An inspection by a professional home inspector will help turn up any major problems with the property that might be costly to repair.
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The appraisal
An appraisal is generally done to protect the lending institution's investment in your home. The appraiser will review the condition of the home and find comparable homes in the neighborhood to estimate its value.
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Closing
Once your loan terms and conditions have been met, the final documents are sent to the escrow office (or whoever is performing the closing of your loan) for the final signing of your loan documents.
More valuable homebuyer resources
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