How to get ready to buy a home

I am asked very often, What should I do toget ready to buy a home? 

When you are ready to buy a home, I think you will know...If you are in doubt, I recommend talking to a professional such as myself or a loan officer.  We have many qualified loan officers and professionals in the Northern Ky. area. 

I would recommend that you have a down payment.  Yikes, that's the ugly word no one wants to speak about.  I'm not talking about 20 or 30 percent.  Some loans only require 3.5 percent down.  Keep in mind that you will have a few other expenses involved.  Such as Home Owners Insurance, (one year) Inspection fees, and Appraisal fees. 

There's many programs out in the finance world that don't require down payment.  However you will have to qualify for these loans.  One is FHA Kentucky Housing.  With this loan, you borrow your down payment from Ky. Housing and it will need to be paid back, so you may have a 2nd mortgage on the home.  Rural Housing is another one that is an option, if you don't have a down payment.  Again, you will need to qualify and the home must qualify for a Rural Housing loan.  This is not the only programs out there.  Please call a mortgage professional

So in saying all this, you need to get a pre-approval from a lender before you ever begin your search. 
You should know your financial situation, and don't look at homes that are out of your price in hopes they will come down to meet your needs.  A new buyer should make a budget for their new home purchase and stick with it.  

If you still are not sure what you need to do or even if you're ready to buy please give me a call.  I can help you determine if you are ready.  859-468-4227.