Find Your FIRST Home with Abby

There isn't a perfect time to buy your first home, but there are a few signs you're ready. If you have a steady income, you've saved some money, your credit is in decent shape, and you plan to stay in the area for a few years, it's probably worth having a conversation. I always tell people that getting pre-approved doesn't commit you to buying, it simply helps you understand your options.

The right answer depends on your goals. Renting gives you flexibility, but buying allows you to build equity instead of helping pay someone else's mortgage. In many parts of Idaho, including the Treasure Valley and Boise County, owning a home can be a great long-term investment if you're ready for the responsibility of homeownership.

The best way to answer this is with a pre-approval, but I also encourage my buyers to think beyond what a lender says they can afford. Your monthly payment should leave room for vacations, hobbies, savings and life's unexpected expenses. Just because you qualify for a certain amount doesn't mean you have to spend it. 

The answer depends on the type of loan you're using. Many buyers qualify with credit scores in the mid-600s, and some loan programs allow even lower scores. A higher credit score can often mean a better interest rate, so if you're not quite where you'd like to be, there are usually steps you can take to improve it before buying. 

Besides your down payment, I recommend saving for closing costs, moving expenses and a small emergency fund. Owning a home comes with surprises, and having a little money set aside makes those surprises much easier to handle. Every buyer's situation is different, so we'll build a plan based on your goals and budget.

No! This is probably one of the biggest misconceptions I hear from first-time buyers. Many people purchase a home with much less than 20% down, and there are loan programs available that make homeownership much more affordable than people expect. If saving 20% is what's keeping you from getting started, let's talk—you may have more options than you realize. 

Closing costs are the expenses that come with finalizing your home purchase. They can include things like lender fees, title and escrow services, appraisal fees, homeowners insurance and prepaid property taxes. They're separate from your down payment, so it's important to plan for both. The good news is that, in many Idaho transactions, some of these costs can often be negotiated. 

Every purchase is different, but most buyers need enough to cover their down payment plus closing costs. Depending on your loan program and the terms we negotiate, a seller may even help pay some of those closing costs. Before you make an offer, I'll help you estimate your cash to close so there aren't any surprises on closing day.