You've finally tied the knot, so now what? For many couples, the next step is the purchase your dream home together. While being a first-time homebuyer is exciting, many newlyweds face challenges when searching for a first house. But there are plenty of things on your side when finding a home. Check out our newlywed's guide to buying a first home!

1. 949.825.8286

2. Say “I Do” to Homeownership
Once you’ve both said “I do!” what is your next step? For many newlywed
couples, it’s time to make your first big joint investment: a new home! The
decision to start home shopping is easy. The hard part comes when figuring out
how you can afford that new home. But don’t worry, we’ve got you covered.
Top Things to Ask Yourselves
• Can we afford to buy a house right now?
• Can we get a mortgage?
• How much home do we really need?
• Who can help us with our home loan?

3. Should You Rent or Buy?
Owning a home seems like part of the marriage dream, but it’s not always
feasible right away for many newlywed couples. Owning a home comes
with many unfamiliar costs such as property taxes, mortgage insurance,
homeowner’s insurance and increased utilities bills.
• Know your credit score and history
• Calculate the monthly cost of a home
• Compare to current expenses
• Find a reputable mortgage lender
before you start house shopping
While buying usually has a greater upfront cost than renting, it’s usually
cheaper than renting for the long term. New American Funding’s mortgage
calculators can help you determine when buying will be the right choice
for you.

4. Get Pre-Approved for a Loan
Searching for a home should never begin with finding a home first. Your first
step as a couple should be to get pre-qualified for a loan. Many new buyers
skip this crucial step and wind up finding a house they love, only to find it’s
beyond their financial reach. Buyers who get pre-approved for a mortgage
have a number of advantages when approaching a seller.
• You know your exact budget when searching for a home.
• Sellers know you are a serious buyer with funding lined up.
• A pre-approved offer will put you ahead of other buyers without an
approved loan.
• Pre-approval gives you extra room for negotiation since you know exactly
what you can afford.
• A loan officer can help guide you through the entire mortgage process from
start to finish.

5. Buy Within Your Means
You never know what the future holds, so it’s important to understand
your financial limits before you commit to owning a new home. Many
homeowners make the mistake of buying more house they can afford, or
simply not understanding their monthly finances.
Just because you’ve been pre-approved for a $300,000 mortgage doesn’t
mean you should use the full loan amount. As a couple, you should
carefully consider life plans and try to determine if you’ll be able to afford
your home for the foreseeable future.

6. Find the Right Loan
Pre-approval lets you know how much you can afford, but then you’ll want
to actually arrange financing for your new home. Picking the right loan for
your new family can be tricky, but our loan officers can help you decide
which fits your needs.
New American Funding offers a number of first-time homebuyer programs
that all have attractive options like low down payments, fixed interest rates
and more.
The biggest thing to remember is that you’re not alone when buying your
first home. As you can see in our presentation The People Involved In The
Mortgage Process, you’ve got a whole team helping you!

7. Get Some Help
The nice thing about buying a home is that you don’t have to go it alone. In
addition to the professional team helping you during the homebuying
process, you can get help from friends and family. Your wedding gifts don’t
always have to come nicely wrapped.
Tip: Some mortgages, like FHA loans, will
allow you to receive a gift covering your
down payment. Down payments range
from 3.5% of the total home price to more
than 20%, so this can be a huge gift for
newlywed buyers. Learn more about FHA
Loans today.

8. Homebuying Advice for
Newlyweds
Learn more about buying
your first home at
www.NewAmericanFunding.com