So, you're ready to take the leap into homeownership – congratulations! But with so many questions buzzing around your mind, where do you even start? Let's break it down. How much home can you afford? What kind of loan suits your needs, and can you qualify for one? And what about your credit score and down payment – are they in line with what's needed? Don't fret – you're not alone in this journey. As your trusted real estate advisor, I'm here to walk you through every step of the process. Together, we'll explore your options, analyze the numbers, and discover the perfect home that fits both your lifestyle and budget. So, take a moment to breathe, because we're about to embark on an exciting adventure together. Your dream home is waiting – let's make it a reality! But where do we begin? It all starts with finding the right real estate agent – someone who can simplify what can often be a daunting process. That's where I come in. [Seriously, it's the first step – give me a call at 325.998.5575.] Our journey kicks off with an assessment of your current home (if you're selling) to determine its worth. Armed with this information, we'll approach a lender who will use this data, along with some personal information, to secure a pre-approval. Once we have that magic number, we'll set our sights on finding your dream home within your budget. Excited? You should be! Let's turn your dream of homeownership into a reality.

It is important to kno what kind of loan type you want to get. Conventional loans genereally need 20% down payments, while FHA loans can be as low as 3.5% traditionally. But, FHA loans require a few more checkboxes before final approval. Here is some great information provided by Forbes.com.    FHA Appraisal Guidelines An FHA appraiser looks over a long list of conditions when appraising a home, which are detailed in the Single-Family Housing Policy Handbook from the Department of Housing and Urban Development (HUD). Here’s an FHA appraisal checklist of some features that an appraiser will examine for signs of damage or contamination: Foundation Roof Siding Flooring Chimney Presence of lead paint Drywall Water, including access to clean, hot water, signs of water damage and sufficient drainage away from the home Electricity Lighting Appliances Heating systems Sewage Crawl spaces Pests, such as termites Power lines Driveway and sidewalks Soil, particularly signs of heavy metals or other contaminants FHA Inspection Requirements While an FHA appraisal contains elements of a home inspection, it’s not as comprehensive as a home inspection by a licensed home inspector. Also, an appraisal is required for an FHA loan, whereas a home inspection is optional. Getting a home inspected before buying it whenever possible is a good idea. A home inspector can give you more in-depth insight into the property’s condition than an appraiser can, helping you make an informed buying decision. If the inspector finds any significant issues—and you have a home inspection contingency in your purchase offer—you may be able to negotiate with the seller to adjust the price or request repairs before finalizing the purchase. If you don’t have a home inspection contingency in place, you can still back out of the deal but will likely lose your deposit. Like the FHA appraisal, you pay for the inspection, and you should expect it to cost a few hundred dollars. By getting an inspection as part of the home-buying process, you can have a comprehensive evaluation of the property’s condition and ensure you don’t have any substantial problems after moving in. What Happens After Appraisal and Inspection What happens after an FHA appraisal depends on whether the appraiser uncovers issues with the property. If there are no problems, you can close your FHA loan and purchase the property. If there are problems, the lender may require repairs before approving the home loan. The seller may be responsible for making these repairs unless your purchase and sale agreement say otherwise. In some cases, you may be able to go through with the home purchase if you agree to make the repairs at a later date. If you have to pay for renovations, you could consider an FHA 203(k) loan to finance both the home purchase and the cost of repairs. Note that a lender can’t offer more money than the home’s appraised value. If the appraised value is lower than your offer, you’ll have to make up the difference or back out of the deal. If your offer didn’t contain an appraisal contingency, you could lose your deposit if you nix the deal.   If you would like to read this article by Forbes.com in its entirety, here is the link to this specific article!https://www.forbes.com/advisor/mortgages/fha-appraisal-guide/