Premiere Real Estate in Hampton Roads

First Time Home Buyers

First Time Home BuyersDon’t be intimidated by buying your first home! Many people don't realize that they can benefit greatly by purchasing a starter home over paying continual rent. Sheila Pane Realty will teach you the language, and assist you with all the paperwork. We will be beside you each step of the way. As we get to know you and your family’s needs, we will help you achieve your real estate dreams.

The material below will assist you in preparing yourself for a smooth buying experience for your first home:

Common Questions From First Time Home Buyers

Commonly Asked Questions

Know Your Rights as a Home Buyer

Before you start, there are many laws that protect you from scams, unnecessary expenses, and discrimination in the process of homebuying. Know your rights!

Fair Housing: Equal Opportunity for All
Homebuyer's Rights
Borrower's Rights
first-time-home-buyers

Find Out How Much Mortgage Can You Afford

You can save yourself a lot of wheel-spinning if you take a minute to figure out how much mortgage you can afford. Generally, a lender will want your monthly mortgage payment to total no more than 29% of your monthly gross income (that's your monthly income before taxes and other paycheck deductions are taken out.) You also need to consider current loan interest rates. The lower the interest rate, the more expensive the home you'll be able to afford. Follow our tips and use these simple calculators to see how much you can afford in a mortgage payment.

How Much Home Can You Afford?
Buy vs. Rent

Create Your Home "Wish List"

Make your wish list. Focus on the features you want in a home: 2 bedrooms or 3? 1 bath or 2? Garage or no garage? Knowing what you're looking for will help you focus your search. And it will help your real estate broker, too.

Source: HUD.Gov - Homebuying

Documents You Will Need To Gather

  • 4 Consecutive Pay Stubs
  • Last Years Tax return/W-2 Form
  • Your Credit Report
  • Bankruptcy Paper
  • Recent Bank Statement
  • Social Security Number
  • Marriage/Divorce Papers
  • List Your Financial Goals