Metro Atlanta, Gerogia Real Estate Market, North Georgia, REO Sales

If you are a first time buyer, you've probably discovered that you have a lot to learn in today's market. It is easy to get "burned". But don't get discouraged! By doing some research, you can avoild many first time buyer's mistakes.

Try to refrain from any large purchases.

When you are calculating how much you can afford to spend on a home, your TOTAL monthly debt should not exceed 32% of your gross monthly income. In today's market anything over that and you may find it hard to get a loan. Also; you need to have 15-20% money saved to put down on the home. The day of 100% loans are gone. You can still get some 3-5% down loans through FHA.  Also some area (zip-code) areas may have special programs for that area. Check with your mortgage company or bank. Shop around for a loan! Take your time to find a good deal, and carefully consider all your options when it comes to interest rates and all other terms.The one thing I really stress with all my First time buyers is don't let your emotions take over.Buying a home can be stressful, but the clients that I work with ...I will walk them through the steps to get to a clean and less stressful closing. Happy house hunting.