Tips for 1^st Time Buyers:

Know your credit score before you start house hunting.  This is the first and most important step.  Your credit score directly relates to your monthly mortgage cost.

First decide how much you can comfortable afford to dedicate to your mortgage payment.

You should have some money set aside for purchasing a home.  There are several costs required before you close on the property.

You will need approximately $500.00 for earnest money, $180.00 to $250.00 for a Home Inspection,  $50.00 for a credit report and $300.00 to 400.00 for an appraisal.  Some costs are credited back to you at closing, however the buyer is responsible for the cost up front. 

Before you contact a lender you might want to check with NACA/Memphis, for additional information on low interest loans with not so perfect credit.  Go to useful links on this site, page down and click on NACA. This site also offers information on refinancing at the best market rate.  NACA is not credit score driven.

After you receive a prequalification letter from a lender telling you the price of the mortgage you can afford and the interest rate you are officially in the market for buying a home.

Now it’s time to start looking for your first home with a professional ERA Sales Associate.

At ERA Legacy Realty we look forward to helping you put all the pieces of the puzzle together and putting you in your first home.





Give us a call and let us take you step by step to make this very important purchase go as smoothly as possible.