Buying your first home in Richmond

Sofia and Mark are married with a child on the way. The want to buy their first home in Richmond of their own for family. Home for saleBuying their first home sounded stressful. What if their credit wasn’t good enough? What if they couldn’t afford a home? How much does they have to put down upfront to buy a Richmond Home? They had lots of questions and didn’t even know where to start.

Sofia called New Home Richmond Team and wanted to see one of our listings. During our initial consultation, she felt comfortable enough to ask questions.

How much do I have to put down to buy my first home in Richmond? How much you put down depends upon the type of loan. A conventional loan usually means you put down 20% of the home’s value.  Richmond banks view Conventional loans as the safest loan and therefore they have the lowest interest rate and they don’t have PMI. There are many other types of loans that require far less down.

What if I don’t have money to put down to buy a home in Richmond? Some of the loans require only a small amount as a down payment. There are many ways to get this money through grants or asking for the sellers to pay the initial down payment. We can help you get the initial down payment.

What type of loan should I get to buy my first home in Richmond? There are many types of loans- Conventional, FHA, VA, USDA, VHDA. Each of them has different benefits and requirements. Your mortgage lender will help you select the best loan type for you.

What kind of grants are there for first time home buyers in Richmond? There are many grants with lots of different requirements to qualify.  Your mortgage lender can discuss them with you. Some of them require you attend a class or complete forms.

What is the first step to buying a home in Richmond? The first step is to sit down with your lender and get preapproved. Your lender will go over the loan types and how much monthly payment you can afford. Often people are pleasantly surprised by the amount. Keep in mind, that will be the top of what you can spend, frankly some buyers decide the want a lower monthly payment. Make sure you are comfortable with the monthly payment.

Finding a home in Richmond? This is the fun part; we start by an initial consultation. Bring your list of home wants / needs and your pre-approval. We will set you up to receive new listing to your inbox each day. After we get a good list of homes, we will go out and see them.

Making an Offer on a home in Richmond. Based upon the current market climate and the homes days on market, condition, and other factors your New Home Richmond Team member will make a recommendation on how much to offer. The will then write up an agreement to submit to the sellers. Sometimes negotiations on price and terms can take some back and forth. Don’t get upset; try to see it from the other sides point of view.

Richmond Home Inspection?   Once you have the home under contract, we recommend a home inspection. A home inspector is licensed by the state of Virginia and is an independent party trained to review the condition of the home the day of the inspection and make recommendations based upon the results. Based upon the results, we will negotiate the repair items.  

At this point, your lender will be contacting you for all the documents they need. Don’t get frustrated if they request the same documents more than once and updated versions of those documents Provide them as fast as you can as delays will slow down the lending process and impede you loan.

While waiting for the closing, New Home Richmond Team will work with you to get set up your utilities and provide information to make your move less stressful.

Walk Through-Prior to closing, we will do a walk through on the new property to make sure it is in the same condition as the day of the home inspection. Usually this is best the day of closing or the day before.

Closing- During the contact stage we selected a title company for the closing. This is the formal process of transferring the property and agreeing to the terms and conditions of your lender if you have a loan. This can feel stressful; however it usually is one of the most exciting times for people. This is the time when you get the keys and you formally take ownership of the property.

You are a home owner!