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No Place Like a New Home

NO PLACE You've decided to take the plunge and buy your first home. Congratulations! Before you get your feet wet, you should know that the current market is competitive and dream features might have you paying more than you expected. This infographic will help you get a handle on the current lay ofI the land and help you understand the first steps you can take to go from house hunter to homeowner. LIKE A NEW НОME You may have an idea of what kind of house you want, but according to the 2011 Census, the average American home looks like this: THE AVERAGE AMERICAN HOME 3 bedrooms 2 bathrooms 2,309 square feet Built in 1974 WHERE SHOULD YOU LIVE-AND WHAT FEATURES CAN YOU AFFORD? Visions of your dream home may be dancing in your head, but can you afford it? AVERAGE HOME PRICE NORTHEAST $230,500 WEST MIDWEST $239,800 $131,800 SOUTH $152,100 IT'S NOT JUST WHERE YOU LIVE .. IT'S HOW YOU LIVE The price tag might rise if you're looking for these important features First-time homebuyers accounted for 30% of sales in January 2013 OFFICE $1,920 WALK-IN CLOSET $1,350 O.. IN-LAW SUITE $2,920 NEW KITCHEN APPLIANCES $1,840 Forget newspapers, most people shop for their home online. CENTRAL AIR BASEMENT LAUNDRY ROOM $2,520 $3.200 $1,590 *Most important to buyers! NEED AN UPGRADE? The typical buyer spends $4,550 on home improvement projects within 3 months of buying. KITCHEN IS MOST COMMON AREA PREPARING TO BUY Ready to take the plunge? Start pinching your pennies and preparing your financial life now. 22% 764 Average down payment for a home Average homebuyer FICO score Popular sources of funding include S Savings Grant or down payment assistance EXCELLENT POOR Gift and inheritances $3,800 IT WOULD TAKE YOU 20.6 YEARS TO SAVE UP FOR A DOWN PAYMENT IN SAN FRANCISCO, CA 3.4 YEARS IN DETROIT, MI IF YOU BANKED JUST 10% OF YOUR INCOME. Current average savings balance VERSUS DON'T FORGET TO SAVE FOR THESE EXTRA COSTS: INSPECTION HOMEOWNER'S INSURANCE: $500- $1,000- CLOSING COSTS APPRAISAL MOVING $4,000- $400- $1,000- CASH RESERVES 2-6 HOUSE PAYMENTS INCLUDING UTILITIES STEPS TO BUYING YOUR FIRST HOME Clear the path to buying your first home! Start saving for a down payment Credit checkup Don't max out credit Check report for inaccuracies 3 active accounts that are 2- years old Get documents in order 2 years tax returns, W2's 2 months bank statements, paystubs Most recent retirement accounts Identify a licensed real estate agent and start hunting for your first home! Include all pages (even blank ones!) Talk to a licensed or registered lender to see what you qualify for For more information on buying your first home, CHECK OUT OUR MORTGAGES IN BRIEF VIDEO SERIES ON YOUTUBE: SOURCES http://nationalmortgageprofessional.com/news33280/hud-and- census-bureau-expand-access-include-detailed-information-regarding-housing http://blogs.wsj.com/economics/2013/03/19/houses-are-getting-bigger-again/ http://www.realtor.com/blogs/2013/02/14/the-best-places-to-buy-and-sell-in-2013/ http://GoWe.st/MortgageslnBrief http://www.realtor.org/news-releases/2013/02/january- existing-home-sales-hold-with-steady-price-gains-seller-s-market-developing http://www.realtor.org/news-releases/2013/03/buyers-value- storage-space-in-law-suites-nar-survey-finds http://www.mortgagenewsdailycom/01072013_home_buying_behaviors.asp http://articles.latimes.com/2012/apr/15/business/la-fi-harney-20120415 http://www.statisticbrain.com/american-family-financial-statistics/ http://www.theatlanticcities.com/housing/2012/08/how-long- will-you-need-save-buy-home-your-city/3085/ BANKEWEST 2 * BNP PARIBAS GROUP A Equol Housing Lender. @ 2013 Bank of the West. Member FDIC. Loans subject to credit approval.

No Place Like a New Home

shared by kristykorcz on Apr 23
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Information for first time home buyers on credit, down payments, documentation requirements, closing costs, current housing prices, and lots more.

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