READY TO BUY YOUR FIRST HOME?

The first step is securing a loan pre-approval. This shows sellers you’re serious and helps you understand exactly what you can afford.

You’ll need:

• Pay stubs and W-2s or tax returns (last 2 years)
• Bank statements
• Photo ID and proof of residence

💡 Tip: Always get pre-approved, not just pre-qualified. Pre-approval verifies your credit, income, and assets — giving you stronger negotiating power when making an offer.

There are several types of loans available, each with unique benefits:

• Conventional Loans: Ideal for buyers with strong credit. Requires as little as 3% down, but you can avoid PMI with 20%.
• FHA Loans: Great for first-time buyers or those rebuilding credit. Down payments start at 3.5%.
• VA Loans: For eligible veterans or active-duty military. No down payment and no PMI.
• USDA Loans: Designed for rural and suburban buyers. No down payment required if you meet income and area limits.
• Jumbo Loans: For higher-priced homes. Typically 10–20% down with higher credit standards.
   

Closing costs are the final fees due when you purchase your home — separate from your down payment.

They usually range between 2–5% of the purchase price and include:

• Lender fees
• Title and attorney fees
• Appraisal and inspection costs
• Prepaid property taxes and insurance
   

💡 Tip: Some of these costs can be covered through grants, seller credits, or lender programs — I’ll help you explore your options to minimize what you pay out of pocket.

Many buyers qualify for down payment or closing cost assistance, even if it’s not their first home.

Some popular options include:

• IHDA (Illinois Housing Development Authority): Offers assistance for qualifying buyers in Illinois.
• Local County or City Grants: Some areas provide financial help for specific income levels or professions.
• Lender Programs: Certain lenders offer credits or incentives for first-time or public service buyers.
   

💡 Grants often do not need to be repaid — making them a great way to reduce your upfront costs.

PMI is added to your monthly payment when you put less than 20% down on a conventional loan.

You can avoid or remove PMI by:

• Putting 20% down
• Using a VA loan (no PMI)
• Considering an 80/10/10 loan split
• Refinancing once you reach 20% equity
   

Your credit score directly impacts your loan approval and interest rate.

To improve it:

• Keep your credit card balances below 30%
• Pay all bills on time
• Avoid new credit inquiries before closing
• Review your credit report for errors and correct them early
   

Once we find your ideal home, I’ll guide you through:

• Submitting a strong, strategic offer
• Scheduling inspections and the appraisal
• Finalizing your loan and signing documents at closing
   

At closing, you’ll pay your down payment and closing costs — and receive the keys to your new home.