Simplifying the Home Buying Process for First-Time Buyers with Loida Velasquez | Realtor.com
The journey to homeownership can feel overwhelming for first-time buyers, but Loida Velasquez, a seasoned real estate agent with Team BC at Real Brokerage, is here to make it easier. In her recent video, Loida shares valuable insights into the home-buying process, providing first-time buyers with a clear roadmap to achieving their dream of owning a home.
Step 1: Connect with a Lender
The first step, according to Loida, is connecting with a lender. This crucial step allows buyers to explore various financing programs, understand their purchasing power, and avoid falling in love with homes that might be outside their budget. Contrary to popular belief, buyers don’t need to save 20% for a down payment. Loida highlights programs like the FHA loan, which requires as little as 3.5%, as well as other conventional loan options that may require 5–20%.
Step 2: Gather Essential Documents
To kick off the home-buying journey, buyers need to gather key documents for the lender. This includes:
Tax returns for the past two years
Recent pay stubs
Savings or checking account statements
Credit score details
For those who are self-employed, additional documentation may be required, but Loida reassures viewers that the process is straightforward once everything is submitted. The sooner buyers provide these documents, the faster they can secure an approval letter and begin shopping for their dream home.
The Value of a Real Estate Agent
Loida emphasizes the importance of working with a knowledgeable real estate agent throughout the process. Agents like her can guide buyers through each step, from securing a loan to finding the perfect home, ensuring a smooth and stress-free experience.
If you’re a first-time homebuyer or someone looking to navigate the real estate market with confidence, Loida Velasquez is here to help. With her expertise and dedication, she’ll ensure you have all the information and support you need to achieve your homeownership goals.
