What is the process of buying a home?

I am interested in buying a home near my current rental. I would be a first time home buyer, so I assume an FHA loan would be my best option...? My credit rating is very good, and I have an established credit history. I have roughly $7k in savings to put towards a home purchase. My debt is low, as I only have my vehicle. My income is good for the area I live in. I have looked at homes in my area on Zillow. I assume i could simply go to them during open houses to start checking around, but from there I don't know what to do. Should I just talk to the realtor for the property? I'm just lost on the process.


You want to get yourself a 'Buyer's agent' . That is a realtor who will be YOUR AGENT (as opposed to representing the person who is selling the property) You still pay them a commission but only after they find you the house you want at the price you can afford and help you with mortgage and closing. Call several Realtors and ask if they have a buyers agent on staff. Interview at least 3 agents and then retain the one you feel understands you the best. good luck, congratulations...and get started now as the prices go up in the spring!

A Hunch

$7K savings is not very much, even with an FHA loan. - Most sellers won't accept only 3.5% down (it doesn't make you a very strong buyer) You should talk to a lender about be what you need to do.


There is nothing stopping you from 'shopping' online and at open houses. Know that if you find something you likely won't be in the position to buy right away. The best place to start is to get pre-approved for a loan while at the same time finding a realtor you trust. Ask friends or family for recommendations. If they don't have any, then going to an open house and feeling one out works as well. Just know that if it's busy they won't have time to chat right then. If you do go to an open house and are interested in that one, I suggest you don't use that realtor. They can hand you off to someone else in their office, but you should have your own realtor (and a good one would tell you this.) About the time you're ready to look, you should talk to a lender (bank or mortgage broker) who will work to get you pre-approved up to a certain amount. That will let you know the price range you're looking at. Your realtor should be able to answer questions beyond that.


I'd go talk to a bank or mortgage broker first. They'll let you know what you can afford and make sure your credit and income are ok. Once you have a loan amount and thus price set in mind then go talk to a realtor and see what they can find you.

real estate guy

First, talk with a mortgage lender. Or better yet, talk with several. They will review your income, debt and other factors and help you select a loan program that is best. They will also tell you want you can afford and then give you a letter to use when you put in an offer on a house. Next, talk with several realtors and then pick one. This agent will represent you in the purchase. The cost is FREE since the seller will pay them. But a buyers' agent represents YOUR needs. and they will help you through the process.


Step 1 is to talk to a lender. They will advise you on your best lending options. Your small amount of savings may make you a good candidate for FHA but your good credit and good income could allow for other options. Step 2 is to talk to a Realtor. Its best to find your own instead of using the agent of the seller. When you do, you know the agent is solely looking out for your best interests instead of having to balance being fair to both buyer and seller, and considering their relationship with the seller is longer that can put you at a disadvantage for proper representation. And remember, when you buy a listed property the seller pays the commission to the listing agent who then shares it with the buyers agent thus you gain their expertise without having to pay for it out of pocket. Get an experienced one who understands your needs and goals. They can guide you through the process, that is their job.

No Mercy

first u need to go to a bank and get approved for a loan. after u know how much money u can get from a bank THEN u start checking houses


Talk soon to someone at your bank about getting preapproved or prequalified - that will let you know how much you could get for a mortgage. yes go to open houses. Talk to the realtor that has the house listed that you're interested in.. They'll be glad to guide you through the process. Basically you find a house you like, makr a written offer, probably negotiate for awhile, apply for a mortgage, have an imspection done to hceck for any defects, do lots of paperwork, then close. 7k night or might not be enough. You'll need 3.5% of the price for a down payment, plus several thousand more for closing costs.


You need to factor in the downpayment AND closing costs.