First Time Buyer ?

Frequently Asked Questions by First Time Home Buyers:

When is the best time to buy a home in Pittsburgh?

There is no “best time to buy” there are deals to be found in every season. There are benefits to the Fall/Winter market because there is less competition among other buyers. We also tend to see less multiple offer situations during this time. There are also benefits to the Spring/Summer market. During this time, we tend to see more listing inventory to choose from; however, buyer demand is much stronger during this time.

How much do I need to put down?

Common misconception is that you need 20% down, that’s not the case. Typically you need about 3% of the purchase price. We can also work in “seller assist” so that the seller helps pay some of your closing costs. This can make it much more affordable for first time buyers.

What is Seller Assist?

Seller Assist is when we have the seller pay a portion of the buyer’s closing costs. This helps to keep closing costs more affordable for first time home buyers. If you put 3-5% of the purchase price down with conventional financing, you can receive up to 3% of the purchase price in seller assist. Which is essentially a credit at the closing table (less money the buyer brings at closing). With an FHA loan, if you put 3.5% down, you can receive up to 6% of seller assist. Austin Kyle Rusert and his mortgage team will help you determine which loan is best for you.

How long does the pre-approval process take? How long does my pre-approval last?

We make it very easy, typically only about 15 minutes. You can do it all from your phone on our app if you’d like to. Pre-approval typically lasts 90 days, but can be extended if we need more time.

How long does the whole home buying process take?

It varies depending on how long it takes to find a home that you love. On the quicker side, it can take 2-3 months. On the longer side it can take 3-9 months. It all depends on what you are looking for and how readily available that home is. Some buyers we work with for several months before we find a perfect fit. We usually tell buyers to start looking 6-8 months in advance. It is also not uncommon to have to put in an offer on a few different homes before one is accepted. This is because, occasionally there are multiple offer situations on hot listings.

Once I find a home that I love, and my offer is accepted, how long does it take before I will own my new home?

Buyers can typically close within 4-6 weeks.

In summary, what does the home buying process look like?

1. Pre-approval.

2. Begin Looking at Homes, narrow down the areas and neighborhoods you like.

3. Place an offer once finding a home you love.

4. If accepted, we typically have 10-15 days to have home inspections done.

5. Austin Kyle Rusert will negotiate inspection repairs for you and help you determine which issues need to be addressed, he sometimes will also negotiate in price reductions or credits toward inspection items if a buyer would prefer a credit. Also, if it was something major came up you are able to walk away from the home.

6. Getting the necessary documents to your bank for the mortgage (pay-stubs, W2’s, income tax returns, etc.)

7. Final walkthrough the day before closing to ensure everything looks good 🙂

8. Closing day on your new home!! (when you sign the closing paperwork and get the keys!)

Is a condo, townhome, or single family house right for me?

Buyers that prefer very little maintenance are typically best to opt for a condo. Buyers that prefer complete privacy and maybe a yard are typically better off with a single family house. Some buyers can find a happy medium with a townhome.

What credit score do I need to qualify for a house?

Typically at least 620.