The New Year is a time for new beginnings, transformation and change for many in North Carolina, and if buying your very first home is on your list of resolutions for 2025, the NC Housing Finance Agency can help make your dreams come true. In this month’s blog, we explore some of the preparations first-time buyers should undertake in order to make the 2025 house hunt as efficient and effective as possible.
Check in on Your Credit
Buying a home is a lot more than just paying a monthly payment on time. To ensure that you get the best possible mortgage terms, be sure to check your credit score and credit report well in advance of talking to a lender. Before you decide you are ready to become a homeowner, it’s important to understand your credit and how it impacts you as a buyer. Obtaining this information is simple: everyone is entitled to a free credit report each year from all three credit bureaus (Equifax, Experian and TransUnion). Learn more about how to obtain your credit report and avoid credit scams at the Federal Trade Commission website.
Save Up!
Saving up for a down payment is one of the largest hurdles that many first-time home buyers face. While conventional wisdom encourages buyers to save up 20% for a down payment, it’s possible to purchase your first home with as little as 3% down. A larger down payment can increase your equity when you buy your home, making your principal balance lower overall and creating long-term affordability for the life of your loan. Before you begin your house hunt, learn about ways that down payment assistance, such as the NC 1st Home Advantage Down Payment from the NC Housing Finance Agency can help make purchasing your first home in North Carolina more affordable.
Build Your Dream Team
Buying your first home can be confusing and a bit stressful, but you don’t have to go it alone. For what will likely be the largest purchase you ever make, it makes sense to have a team of home buying professionals who will have your back through the process.
A lender can help you take a good look at your financial situation, discuss what you might be able to afford and provide information on how to position yourself for the best mortgage terms when the time comes to get a loan.
A real estate agent that specializes in the area you want to live is an invaluable contributor. Licensed real estate agents can help you understand the local housing market, set up showings for you to view homes, help you through the purchase process and much more.
HUD-approved housing counselors can discuss your financial situation, provide tools and resources to improve it and help you get the education you need to become not just a first-time home buyer, but a successful long-term homeowner.
The NC Housing Finance Agency works with a statewide network of home buying professionals who can help you make your dreams of home ownership come true. Learn more about all the ways the Agency can help make home ownership a reality for you at NCHomeAdvantage.com.
