The mortgage broker or loan officer will want to know your income, length of time on your job, your debts, & your rent history . They will then check your credit score & see if you qualify to purchase a house. If so, then they will tell you how much you can afford. If not, they will help you with a plan on how to improve your credit.
We have a list of banks or mortgage companies to choose from. Or, you may choose your own personal banker. You may want to shop around for best rates, or best options for you.
No, there are loans with 100 per cent financing to qualified first time home buyers. FHA loans are also available with three per cent down payment.
It depends on who is making your loan. It can be as much as six per cent of the purchase price. Sometimes the sellers will help you with it. Sometimes you can add it to the purchase price, as long as the house will appraise for it.
Your realtor will help guide you. You will need to look at houses that will qualify for your particular loan.
Your realtor will help you make an offer. This process may take a few days. Your first offer may be countered, or rejected. Do not get discouraged. Everyone is looking for good deal. Be prepared to negotiate, & keep an open mind.
You will first order your home inspection. If you are satisfied with it, you will negotiate any repairs you want to have done. Again, be patient. It could take few days to work out all of the details. If you are unhappy with the inspection, this is the time to terminate your contract. But, do not be hasty- speak to a trusted contractor & review all of the pros and cons before making a final decision.