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When purchasing your new home in the Visalia, California area, or anywhere:

1. Don’t scramble your money: Try to leave your liquid assets where they are. If you move large sums of money from one account to another, it will become more difficult for your lender to document, and for you to get the loan you need.

2. Don’t make any large purchases: A new car payment can take a big chunk out of the size loan you will be approved for. So try to keep your ‘Debt to Income’ ratio small.

3. Don’t change jobs: Most loan companies want at least 2 years of steady income for you to be approved for a loan. You might get away with this change if you are salaried and move to another job of the same description with equal or greater pay. So definitely don’t go self-employed or change to a commission-based job before buying a home.

4. Don’t try to ‘time the market’: No one can accurately forecast if the economy will dip or swell. If you wait for a lull to buy your new home, interest rates will likely be higher and prices usually equal out in the long run anyway.

5. Don’t shop out of your budget: Take into consideration escrow fees, closing costs, and other expenses included when purchasing your home. Shop for a home that will fit the size of your loan and your finances.

6. Don’t forget to ask about local taxes: School fees and property taxes will vary based on square footage and from one community to another. Do factor this in when deciding on the location of your new home.

7. Don’t surprise your co-signer: If married or otherwise attached to a co-signer, be certain to communicate during the buying process. Discuss extra fees and details. Don’t wait for “Oops, I forgot to mention that...”

8. Don’t change details: If buying from a new home builder, make careful decisions when selecting your options. If options must be changed, you could experience delays in the building process, or worse, extra cost for removing and re-installing your last-minute decision.

9. Don’t “Settle”: If you can’t find what you want within your budget, don’t settle for the worst home in the worst neighborhood. Sometimes it’s just better to wait and see what else becomes available. If, however, the only home in your budget is a ‘fixer,’ do find out exactly what’s wrong with it, and if possible, negotiate for allowances in your escrow agreement to cover those costs. 

10. Ask about Special Financing: Programs for first time home buyers, low income families, or targeted communities, may be available in your area. Some programs currently available in the Visalia, California area include:
    CalHFA , ACORN, CHDAPS (California Homebuyer's Downpayment Assistance Program), ECTP (Extra Credit Teacher's Program),and School Facility Down Payment Assistance Program.
    
    It doesn't hurt to ask, and it might just save you thousands!

If you have any questions concerning purchasing a new home in the Visalia area please call us (559)627-5757.

~E.H.