Buying a home for the first time is definitely a daunting task for most people. First-time home buyers have to commit to a substantial financial contract that will affect a lot of their life. If you are in need of a go real estate agent why not try Flowers Team Real Estate, they can help you with all of your needs.

And most home buyers don’t really know what goes into the process of buying a home. That’s where a real estate agent comes in to save the day. They can be a guiding force of immense knowledge to help the home buyer get past any hurdles. Being a great real estate agent isn’t just about taking clients around to look at houses after all.

The Many Benefits Of Being a First-Time Buyer

Many people don’t know this but there are some advantages to being a first-time home buyer. The government actually offers programs to get people to buy properties. And some of those programs include tax breaks, loans backed by the federal government, and also some programs that help to reduce payment requirements.

However, even if you’re not a first-time buyer the government offers programs for you too. Technically the U.S. The Department of Housing and Urban Development tells us that a person is actually considered a first-time home buyer if they haven’t owned a property in over 3 years.

And if you’re a single parent you’re also eligible too, but only if you owned a property with a partner previously. And displaced homemakers who used to own with a spouse or even a partner and people who own property that isn’t actually permanent or don’t comply with codes, are able to qualify as well.

There are even more popular programs from the government like FHA loans and VA mortgages. Real estate agents should have an understanding of how these programs work and who qualifies for them and the benefits they provide.

One great tip if you’re a first home buyer is to get potential clients to consider their long-term goals. Maybe they are tired of draining their bank accounts on paying rent every month and instead want to put their money towards a mortgage that will benefit them in the long run. That could be a very important life goal and a good way of establishing their independence.

They may also want the tax benefits that come with owning their own home.

The Buyer’s Finances

Before home buyers ever start searching for a new home to purchase they need to know what they can and can’t afford. They should take a look at their savings, their monthly expenses, and their income to figure out how much they will be able to afford the loan payments each month.

Home buyers will also need to be pre-approved for a loan before someone selling their home will even take them seriously. The real estate agent's job is to explain this to their clients so they understand what they need to do. And they need to make sure they know the difference between pre-approved vs. pre-qualified.

Sometimes home buyers apply for pre-approval, and they find out they can’t afford the mortgage they were planning on getting, this will ultimately change the type of homes they look at to purchase.

They also need to think about saving money for the down payment and for covering other expenses at the closing. In the past, a down payment of 20% of the purchase price was an absolute must, but nowadays, there are even better options for first-time buyers.