Welcome, First-Time Homebuyers!
Buying your first home is an exciting milestone. Whether you’re just starting to explore your options or ready to make an offer, Long Island Board of REALTORS® is here to empower you with trusted resources and expert advice to help you achieve your dream of homeownership on Long Island.
You are considered a first-time homebuyer if:
You’ve never owned a home before.
You haven’t owned a home in the past three years.
You’re now a single parent and previously owned a home only with a spouse.
These criteria are defined by the U.S. Department of Housing and Urban Development (HUD), and they open the door to special benefits and programs for first-time buyers.
First-Time Homeownership Facts
First-time buyer profiles shift with the market and the times. Check out a few key trends about newbie homeowners today in our First-Time Homeownership infographic. If you are in the process of buying a home, or starting your journey, chances are you may fit into this profile too.
Read MoreHow to Find the Right REALTOR®
A skilled REALTOR® can make all the difference in your homebuying journey. Here’s how to find the perfect match:
- Ask for recommendations. Friends and family might already know a great REALTOR®.
- Search for expertise. REALTORS® may specialize in first-time buyers, specific neighborhoods, or amenities like pet-friendly parks.
- Interview your options. A good fit is essential. Discuss their experience, services, and how they can help you achieve your goals. Consumer Guide: 10 Questions to Ask a Buyer’s Agent.
Once you’ve chosen a REALTOR®, you’ll sign a written agreement outlining their services and fees. Remember, REALTOR® fees are negotiable, so don’t hesitate to ask questions and customize the terms to fit your needs.
Financing is a critical step that actually starts at the beginning of your buying process with a pre-approval. And there are many loan options to explore. Understanding all the different types of mortgage loans and programs can feel overwhelming. Here’s a basic explainer to help you get familiar with a few that are common among new buyers.
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Don’t Dismiss Down Payment Assistance - You Could Qualify
Down payment and closing costs are often the biggest and most challenging financial step for first-time buyers. There are dozens of programs for buyers, and the income limits and purchase price ranges may be much higher than you think. To help determine if you qualify, we recommend DownPaymentResource. It’s a free tool that helps you search for buyer programs in your area of interest and check your eligibility. The process only takes a few minutes and it could make a big difference!
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Buying a home is a team effort. Here are the key players who will guide you, protect your interests, and help you get to the closing table with confidence.
REALTOR® – Guides you through the entire process from start to finish, advocates on your behalf with other parties, and negotiates contract terms with the seller.
Lender – Issues a pre-approval early in your journey, which helps you understand your budget and shows sellers you’re a serious buyer. Once you find a home, your lender will process and finalize your mortgage loan.
Property Inspector – Evaluates the property’s condition and provides a detailed report for you (and sometimes your lender). This report flags any major issues, which can help you decide whether to proceed or renegotiate with the seller.
Insurance Company/Agent – Before you can close, you must have homeowner’s insurance in place to protect your investment. It’s smart to start getting quotes once your offer is accepted. The company you use for auto insurance may also offer homeowner’s coverage, sometimes with a bundle discount.
Settlement Team – Works behind the scenes to verify legal ownership, clear any title issues, and prepare closing documents. They may also hold your escrow funds, including your down payment, until closing day. You’ll often meet with them at closing to sign final paperwork and officially take ownership.
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300 Sunrise Hwy, West
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Phone: (631) 661-4800
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Privacy Policy |
Terms of Use |
DMCA Notice |
Accessibility
300 Sunrise Hwy, West
Babylon, New York 11704
Phone: (631) 661-4800
© 2023 Long Island Board of Realtors, Inc.
All Rights Reserved.
Web Design & Development by
Matrix Group International, Inc.