First Time Homebuyer Series
5 Seasons 40+ Episodes
Embarking on your homebuying journey is a thrilling adventure; it's the moment you've been waiting for! But it can also feel overwhelming and emotional, especially in today's unpredictable market.
Watch first-time buyers tackle real-world challenges, navigate unexpected twists, and unravel the complexities of the market. Don’t just dream about your future home—let The VA Lady turn your dream into a reality!
More Videos Available to View At The End
your homebuying guide
the 12 step process
STEP 1 - KNOW YOUR CREDIT
Know your credit. The first step.
Our mortgage loan specialists will conduct a one-on-one consultation and ask a few preliminary questions. We highly recommend allowing us to get a copy of your credit report. We understand sharing your personal information can feel like a vulnerable move, but we promise this is a necessary step. It’s your credit report that sets the stage for the next phase of the home buying process.
STEP 2 - SET A BUDGET
Your budget. Where dreams meet reality.
Your budget defines where your dreams and wishes meet. When it’s time to search for homes, you can look with your eyes wide open. This means we will get the numbers right. Although putting numbers together is not as glamorous as looking at homes, it’s your budget that will help determine how much money you can afford. Having clarity around your budget will soothe your comfort level when you begin exploring buying options.
STEP 3 - it's time to dream
Your dream. At your fingertips.
It's time to find your dream home. Here’s where the fun begins. We’ll send you our ‘Dream Worksheet’ to complete. The worksheet is your house-hunting guide; it’s where you write down your needs, wants, and desires. The Dream Worksheet keeps you on track during the home search. Don’t get discouraged if some of the homes you find are not an exact match (and it’s hard to find an exact match) or the house you really love is already under contract. It’s not a setback, it is a step that brings you closer to the home that will be perfect for you.
STEP 4 - YOU FOUND "THE ONE"
Love at first tour. (Or maybe the fifth tour)
You found it, the perfect home! The seller considered your offer and your offer was accepted. Congratulations! Take a moment to celebrate this major step. You’ve worked hard to get this far and you’ve earned it. You are now ‘under contract’.
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Being under contract is kind of like deciding to get married. Things have gotten more serious, but you still need to be 100% sure. You’re entering a limited due diligence period. During this time you, your real estate agent (your advocate), and hired home inspectors will take a detailed look at the property’s condition.
STEP 5 - FULL LOAN APPLICATION
Every loan has a story. It's time to tell your story.
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​The application and documentation phase is where you begin to tell your story and share important information as it pertains to your loan. Your documents are written verification and clarification for the info you’ve provided. As we collect your rental history, job history, income, and savings, we will request the supporting documents. The key here is to have all your documents gathered and returned to us as quickly as possible. Don’t get overwhelmed or frustrated over why certain documents may be required. Just remember, if we request a document, it’s because it is needed.
STEP 6 - VERIFICATIONS
Disclose and Verify. Everything in writing.
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All the information you provided on your loan application requires written verification. This could be as simple as a 3rd party like your landlord, your employer, or your bank to as complex as written letters. This is a time for you to write written letters to explain the circumstances of any outstanding debts, negative tradelines, or your rental history. Verifications allow the lender to feel confident when it comes to loaning you the money needed to purchase your dream home. Information that is disclosed is important to the lender, as it is used to determine your ability to repay your mortgage.
STEP 7 - TITLE AND APPRAISALS
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The past and the present... all coming together.
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​By now you are probably anxious to get the process finished and make plans to move in, but there are still more steps that need to be completed. The closing attorney will perform a title search to confirm whether there are judgments or liens against the property, the current owner, and any previous owners.
​An appraiser will assess your property's condition and give an opinion of the property’s value. In rare cases, the home may not appraise for the purchase price. This is an opportunity to renegotiate terms with the seller.
Loan review. One step closer.
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​Unlike the initial automated, your loan approval is determined by a real person… the underwriter. The underwriter completes actual verifications including contacting your employer and landlord. Underwriting happens behind the scenes, but that doesn’t mean you won’t be involved. You may be required to provide additional documents or add clarification on things like bank deposits, new inquiries, or new debt on your credit report. Changes in your employment, income, credit, and assets will affect your approval so don’t make any changes with your job, income, or credit until after closing.
STEP 8 - INTIAL UNDERWRITING
STEP 9 - CLEAR TO CLOSE
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It's official. The best 3 words.
​When you started this process, it was sort of like the process of finding your soulmate. You dated, got engaged, then were married. In dating, we know ‘I love you’ is awesome to hear. In the buying process, you will want to hear another 3 words. They are, "You are ‘clear to close".
Wow! Your loan is done, finished, finito! Celebrate and relax. The hard part is over. Now it’s time to prepare for a final walkthrough of the property, closing, and moving in.
STEP 10 - FINAL HOME INSPECTION
The final countdown. One last look.
It's time to conduct a final walkthrough of your (soon-to-be) new home! This is your last inspection before closing day. If you had a professional home inspector, they are welcome to look at the property one last time with you. The seller should already be moved out and cleaned the property. Your home should look as expected inside and out. Check that all repairs were completed and personal items have been left or removed based on the contract. If everything looks as it should, take this opportunity to visualize how you plan to transform this empty house to make it into your home.
STEP 11 - IT'S CLOSING DAY!
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