If you’re one of the many who is contemplating their first home purchase, where should you turn for the best advice? There are plenty of websites out there lining up to dole-out the facts and tips, but we decided to make it a bit easier on you. Having worked with first-time homebuyers as long as we’ve been in business, we understand that you’re not only looking for your dream home – you’re looking for the journey towards it to be enjoyable. Here’s a list of resources you can use to help you along your journey – trusted resources that will continually give you the best possible information, time and time again.
Information on FHA loans: These loans are popular with many first-time homebuyers as they require lower credit scores and as little as a 3.5% downpayment. The HUD (Housing and Urban Development) website is consistently updated so you can trust the information you’re receiving is accurate.
Credit reports: Know the status of your credit before you start the mortgage process. You can go to a consolidated credit reporting site that will pull your report and score from all three bureaus (Equifax, Experian and TransUnion). Try AnnualCreditReport.com – here, you can request free copies from each of these three agencies.
Shop within your limits: Once you know the downpayment you’re able and willing to make along with the status of your credit, go through the mortgage preapproval process. This is different than prequalification, however, and more reliable. This will let you know, realistically, how much a lender will approve you to borrow and help set your guidelines for home prices. Stay in your limits and know that with the current market, great deals won’t last, but it’s still a buyer’s market and you have negotiating power.
The seasons have changed here in the San Juans and we’re due for a chilly one this weekend (and forecasts of snow!). As you head into your weekend, check out local events calendar for the latest and we hope to see you out and about town.
The Staff at San Juan Realty, Inc.
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DISCUS THROWER Lance Brooks competed in the 2012 London Olympics. (Photo by Steve DeAutremont)
RESEARCH ASSISTANTS – Ridgway High School students (left to right) Jack Middleton, Abel Lannan and Tashi Hackett presented the results of their research on possible sister cities to Ridgway Town Council last week. Mountain towns in Costa Rica, El Salvador and Dominican Republic made the cut. Next step: contact. (Photo by Peter Shelton)
MAIN STREET GELATO – A+Y Design Gallery owners Adam and Yesenia Duncan offered up gelato samples from behind their Italian-imported gelato case Monday morning. Along with unique furniture and fine art, the two offer 22 flavors of locally-made gelato. (Photo by Gus Jarvis)
BUILDING OPTIMISM – Tom How (left) and Daniel Key of Sjoden Wood Designs worked on a new home in the Cobble Creek Golf Community Tuesday morning. The spec home is being built under the direction of contractor Bert Welz, who said he’s optimistic for the region’s construction trade. (Photo by William Woody)
GROWTH INVESTMENT – Students took advantage of a "living classroom" at the Telluride School's new Grow Dome this spring. The Dome, which will be open to the public for tours Wednesday, May 22, was funded in part by a Telluride Medical Center's Physical Education Program (PEP) grant. (Courtesy photos)
HEADED TO PLAYOFFS - Montrose High Shoo0l's Jake Kastendieck fielded a ground ball last Saturday during the team’s 10-0 victory over Woodland Park. The Indians advance to the state 4A quarterfinals this Friday at Cherokee Trail High School against Valor Christian. (Photo by William Woody)
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TELLURIDE IN 1910 – A hypothetical model of the main street facades, made up of buildings throughout the region, the television producers are proposing to build for the production of "When Calls the Heart." (Courtesy image)