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First Time Home Buyer Irvine

It may seem like a challenging, overwhelming process when it comes to buying a home for the first time. There are many steps involved, tasks to tackle, and requirements to meet. Because of this, you could be anxious that you may make a costly mistake. The good news is that a first time home buyer in Irvine could find a variety of special advantages geared toward helping those making their entrance into the real estate market.

The McLellan Team can help! We are here to help demystify the process to help you get the most out of first time homebuyer loans and special deals. We have a skilled team ready to go over all of the tips and tricks to make life easier for you when you are ready to buy your first home.

Avoid First Time Homebuyer Mistakes

The purchase of a new home is considered part of the American Dream. When you are a first time home buyer in Irvine, you have incredible access to tax breaks, state programs, and a range of federally-backed loans to help – especially if you do not have the funds for a sizable down payment. You should try to have roughly 20% of the home’s purchase price on a conventional loan to use as a down payment in an ideal situation. Did you know that you may qualify as a first-time home buyer even if you are not a novice?

In order to qualify for many first-time home buyer programs, you usually have to meet one of the following conditions:

  • A person who has not held ownership of a principal residence for three years. If you have been a homeowner, but your spouse has not, you might be able to purchase a home together as first-timers.

  • A single parent that has only purchased and owned a home with a former spouse during the marriage.

  • A homemaker that has become displaced that only owned a home with a spouse.

  • A person who has only had a property, not complying with model, local, or state building codes.

  • An individual that has only had a principal residence that is not permanently affixed to a foundation according to applicable regulations.

When looking to buy your first home, having a good first-time home buyers guide can be extremely helpful. There are also many questions that you should be asking before you make a purchase. Ask yourself the following?

  • How is your financial health?

  • What kind of home suits your needs?

  • Are there special features your dream home would have?

  • Do you know how much mortgage you qualify to receive?

  • How much can you afford on a mortgage?

If you are a first time home buyer in Irvine, the process of looking for a house and securing financing does not have to be stressful or challenging. It is all about working with the right team, and we feel that is us at McLellan Team! We have a friendly, knowledgeable staff ready to assist you in your journey to buying your first home. Give us a call at (949) 669-1100 to inquire about first-time home buyer incentives and begin your loan application.