First Time Home Buyers

Challenges Facing First Time Home Buyers

10.09.2023 | Articles For Homebuyers

“I can’t afford the down payment, and the houses within my budget need renovations!”

Tom and Jane Spence, an energetic young couple in their early 30s, found themselves in a common dilemma for many first-time home buyers. Fortunately, they got referred to Françoise by a satisfied former client. Dreaming of trading their cramped basement apartment for a proper home, the Spences were introduced to Françoise’s go-to mortgage broker.

Unbeknownst to Tom and Jane, a plethora of home-buying programs are out there specifically designed to assist first-time buyers. After a detailed discussion, the mortgage broker enlightened them with several actionable options that would help speed up their home-buying journey.

The Financial Roadblocks

  • A modest amount of savings but not enough for the full down payment
  • Lingering debts that needed attention
  • A limited budget, restricting the type of properties they could afford
  • Preference for homes that would inevitably require renovations
  • No extra funds for said renovations

Françoise and the mortgage broker rolled up their sleeves. Their immediate priority was to secure the down payment for the couple. Fortunately, they could tap into a range of home-buying programs for first-time buyers. Meanwhile, they also needed to find a mortgage lender willing to tailor a loan based on the Spences’ unique financial profile.

The Hunt for the Ideal Brampton Home for First-Time Home Buyers

Armed with a mortgage pre-approval, Françoise and the Spences hit the Brampton real estate market. Within three weeks, Françoise found a freehold townhouse that was not only below their budget but also brimming with untapped potential. As luck would have it, the sellers were in the middle of a messy divorce and eager to sell. Despite initial rejections from one stubborn seller, Françoise remained vigilant. When the property was still unsold a week later, she put in another offer, slightly upping the ante. This time, it was a go.

Navigating the Home Inspection Maze

A home inspection was a non-negotiable clause in their Agreement of Purchase and Sale. After identifying a list of required repairs, Françoise advised the Spences to negotiate a price reduction, to which the sellers agreed.

Fast forward to four months later, another buyer assistance program came to the rescue. The mortgage broker handed them a check covering the costs of their home renovations. Now, their property value has skyrocketed, and they’re already thinking of selling it within the next two years.

© 2024 - Keith & Franҫoise - EXP REALTY, BROKERAGE Made by Artifakt Digital