Are you buying a home in Pennsylvania? If you are, and you’re doing it for the first time, you need to know what to expect.

Pennsylvania has some unique home buying laws and practices, along with Maryland and West Virginia. Nonetheless, the basics are similar, for the most part.

Read on to find out more about how to buy your first home in Pennsylvania and learn why speaking with the right Pennsylvania real estate agent is key to making the right property choice and purchase.

Check Out Some Properties

The right property depends on your lifestyle and budget. These two considerations will guide your property decision-making.

For example, if you have children, you will want a property that is a stone’s throw away from their school. If you do not enjoy long commutes to work, then a property near your place of work will also be your best bet.

Property prices in Pennsylvania also vary greatly from city to city. Speaking with a Pennsylvania real estate agent can help you in the selection process and get you the best deals for homes.

Learn More About Your Desired Property

Information about the property you have chosen is key to a successful purchase. As per Pennsylvania real estate law, your real estate agent needs to tell you everything about the property’s condition. The information should appear in the Seller’s Property Disclosure Statement Form.

Besides this, hire an independent home inspector to corroborate what is on the disclosure statement form. Doing this will help you decide if the property is a good buy, and save you from things like discovering structural issues after purchase.

Mortgage Pre-Approval — Your Cash Flows, Reserves, & Liabilities

Pennsylvania mortgage lenders will want an idea of your financial situation before they deem you eligible for a mortgage loan. For this reason, you need to prepare a mortgage pre-approval letter.

The pre-approval letter should contain all the necessary information about your finances. You may also want to attach several documents like bank statements and your credit report.

To be eligible, you should have a debt-to-income (DTI) ratio of no more than 36%. Any higher, and you may face denial of the loan.

The Down Payment — 20% of the Home’s Value or Less with Loans

Several state real estate loans can help you lower the minimum down payment if you are eligible. The VA Home Loan allows you to make a down payment below the 20% requirement. The same is true for the FHA Loan which requires you to pay only 3.5% of the home’s property value as down payment.

Of course, by paying less than 20% upfront, you’ll have to consider that you’ll be making higher monthly payments on your mortgage. Before signing up for loans, have this in mind.

Ready to Move In? Let’s Talk

Buying a home in Pennsylvania is a process that requires a lot of legwork. For this reason, you need more than a realtor. You need a Pennsylvania real estate agent that helps you find a home, get pre-qualified, and move in.

Find the perfect home for you and your family in Pennsylvania without the unnecessary hassle of doing it all yourself. For a one-stop home buying experience, get in touch with us today.