First-time Home Buyer? Here are 5 Tips to help (Tip 1 of 5)

Great Tips!

The MBT Group

Want to buy your first home? You probably have some cash saved for a down payment and recommendations for realty agents from savvy friends. But have you cleared your credit report, hired a tax adviser, or weighed FHA financing, compared with a conventional mortgage?

Kasara Williams, 31, has taken all three steps in a yearlong quest to buy her first home. ‘‘This whole experience has taught me that it’s important to have your financial act in order,’’ said Williams, of Arlington, Va.

Not every first-time buyer needs a tax adviser, as Williams did to withdraw part of her IRA without being penalized. But everyone should prepare early with orderly finances, information, and plenty of patience for a long, complicated process.

Mortgage lenders and home sellers have become more demanding in the documentation they require. And with the market heating up, you should think through the contingencies and prepare your balance…

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