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How To Prepare To Buy Your First Home


How To Prepare To Buy Your First Home

Keep in mind that if you plan to tap your Roth for a house, you should still be saving for retirement in a 401(k) or other retirement account. And if you ultimately decide not to buy a home or end up getting your down payment from another source (say, from an inheritance, a gift or other savings), your Roth can continue growing tax free for retirement.

Buying a house can take as little as a few days if you're buying in cash, or can take years if you're counting the amount of time it takes you to save money for a down payment and decide where to live. In a competitive housing market, you may put in multiple offers on homes before one is accepted. Conversely, mounting worry over a housing recession could lead more sellers to pull their homes from the market, making it more difficult to find a suitable property. If you already have your money saved and have a good idea of the neighborhoods and type of home you want, the process will probably take you two to six months. Ask a local real estate agent for a more accurate timeline based on your local market conditions.

There are many assistance programs on the state and local levels, including first-time homebuyer tax credits; check your state's housing finance agency. Other programs include:The U.S. Department of Housing and Urban Development funds public housing and offers vouchers for low-income Americans.The U.S. Department of Veterans Affairs (VA) has home loan programs for service members, veterans, and eligible surviving spouses.The U.S. Department of Agriculture (USDA) has a homeownership program for rural Americans.The Federal Housing Administration insures mortgages and offers downpayment assistance, making a home purchase more affordable."}},"@type": "Question","name": "What kinds of questions should you ask your realtor when buying your first home","acceptedAnswer": "@type": "Answer","text": "You should ask your realtor questions about the technical and business aspects of homebuying. A realtor will have great insight into your negotiating options and what kinds of concessions or contingencies are appropriate for your situation. You can ask about the sales history, comparable sales in the area, and who to hire for the home inspection. Consider asking your realtor whether they would buy the home to learn what they see as the pros and cons of the home.","@type": "Question","name": "What things should you buy when moving into your first home","acceptedAnswer": "@type": "Answer","text": "Some important purchases that are sometimes overlooked by first-time homebuyers include cleaning supplies. For example, what types of floors does the home have, and do you have the proper tools to clean them If you're moving into a house from an apartment, you may also need to stock up on yard supplies like a lawnmower.","@type": "Question","name": "What is the tax credit for buying your first home","acceptedAnswer": "@type": "Answer","text": "The first-time homebuyer tax credit is up to $15,000 or 10% of the home's value (whichever was less)."]}]}] .cls-1fill:#999.cls-6fill:#6d6e71 Skip to contentThe BalanceSearchSearchPlease fill out this field.SearchSearchPlease fill out this field.BudgetingBudgeting Budgeting Calculator Financial Planning Managing Your Debt Best Budgeting Apps View All InvestingInvesting Find an Advisor Stocks Retirement Planning Cryptocurrency Best Online Stock Brokers Best Investment Apps View All MortgagesMortgages Homeowner Guide First-Time Homebuyers Home Financing Managing Your Loan Mortgage Refinancing Using Your Home Equity Today's Mortgage Rates View All EconomicsEconomics US Economy Economic Terms Unemployment Fiscal Policy Monetary Policy View All BankingBanking Banking Basics Compound Interest Calculator Best Savings Account Interest Rates Best CD Rates Best Banks for Checking Accounts Best Personal Loans Best Auto Loan Rates View All Small BusinessSmall Business Entrepreneurship B


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