Easy and Effective Tips for First-Time Home Buyers in Chicago

Spread the love

The path to a new home will have obstacles. These strategies will help you avoid setbacks along the way.

Save Money for a Down Payment

The price of a down payment will vary based on your mortgage and the lender. For most conventional loans, the rate is three percent of the loan amount. You can save time by using a down payment calculator on the web.

Save Money for the Closing Costs

The closing costs are fees for the mortgage. You’ll have to pay a percentage of the loan amount. If you’re on a budget, you could ask the seller to cover a portion of these fees.

Save Money for the Move-In Expenses

These funds will help you cover

Unexpected or necessary home repairs

Important upgrades for the home

Furniture for the home

Weigh Every Option for a Mortgage Loan

If you’re not eligible for a conventional mortgage, here are two viable options you can explore.

An FHA Loan

The Federal Housing Administration insures all FHA loans. If you qualify, you’ll need a 3.5% down payment.

A USDA Loan

A USDA loan is a guaranteed loan. This loan is for home buyers in rural areas, and it does not require a down payment. To learn more about it, contact the U.S Department of Agriculture.

A Custom Home Builder in Chicago, IL for First-Time Home Buyers

If you need more tips for first-time home buyers or a custom home builder in Chicago, IL, contact MK Construction & Builders, Inc. today.