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Preparing to Buy a WDC Home in the Fall

It’s not too late to find your perfect home and get settled before the holidays! Fall is a great time to get the best value on area homes with many listing price reductions and eager sellers. The best properties move quick, so you have to be prepared to make an offer without any obstacles in the way. Before you start shopping there are a few things you should do to get prepared to make the move towards buying a home.

Get your budget in order. Write down everything going out and coming in to your bank accounts. Get an idea of what amount you’re comfortable paying for a mortgage each month. This is helpful when you meet with your lender. They can help review your budget objectively. Be sure to include the amount of funds you have available for a down payment and closing when budgeting for your new home.

Get your credit report. Lenders will look at your credit report with a fine tooth comb. It’s important for you to know what’s in it and check for any errors which may need to be corrected prior to anyone else viewing your report. Once you’ve done so, you’ll be prepared to discuss and explain the details with the lender on queue.

Meet with a lender and get preapproved. Find out what documentation you’ll need and in what format it has to be submitted. Get all of your documents together, meet with a lender and get preapproved. Not only does this make you more attractive to the seller who’s deciding if they want to accept your offer; but it also gives you a head start on your mortgage application.

Don’t take on any new debt until you close on your home. One major mistake many people make is to put an offer on a house, have it accepted, then run out and buy new furniture, household lawn and garden equipment or other items which change their debt-to-income ratio. You don’t want to get to your closing and find out you’re no longer approved because of new debt you took on after the application was submitted.

Find out if you’re qualified for any home buyer programs. One great program in the DC area is the Home Purchase Assistance Program (HPAP) offered by the DC Department of Housing and Community Development. You can learn more about the requirements for this program on their website to see if you qualify. There are many programs available for down payment assistance and loan help. Your lender and our experienced real estate team can guide you to the programs which may best suit your personal situation.

You can read more information on how to prepare for your home purchase in this recent article from The Washington Post. When you’re ready to buy your home in Washington, DC and the surrounding area, work with Realtors® who have your best interests in mind and are here to help you every step of the way. ADMC Realty Group is pleased to serve the communities in and around the Washington DC, Maryland, and Northern Virginia areas. Give us a call at (202)596-8101 or email us at [email protected].

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