Buying your first house in Pennsylvania can be an exciting and emotional experience, but it can also be exhausting. You will always be wondering if you are doing everything right because you don’t want to mistake that will cost you or stop you from getting what you want. Fortunately, here’s a quick guide of what you need to know as a first-time homebuyer.
Eligibility for buying a house in Pennsylvania
There are requirements to buy new residential real estate in Pennsylvania. They include:
- You need a minimum credit score of 660 for most programs, but if you are borrowing with FICO, you need a credit score of 680.
- Your household income and purchase price should not exceed county limits. For instance, in Chester, the purchase price limit is $377,500, and the income limit ranges from $96,600 to $111,000, depending on the number of members in the household.
- You are not supposed to spend more than 30% of your income to make your monthly home payments.
- After paying closing costs, your liquid assets (stock, bank balances, cash, etc.) should not be more than $50,000.
Get a good real estate agent
Real estate agents understand the ins and out of buying a house in Pennsylvania. Therefore, if you need the best guidance through your process, work with an agent that you trust is experienced enough to help you.
Real estate agents can help you by preparing your offer and handling all the necessary paperwork needed to close the deal; they will contact the best mortgage brokers, home inspectors, and other professionals required in the buying process. Moreover, a good agent will compare houses based on their conditions and prices until you find what you like.
Buying your first-ever house can be a quick and easy process if you work with the right people and follow all the Pennsylvania requirements. Regardless, always settle for a house that you will love because it can be your home for years if you don’t sell it.