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Making sure first-time homebuyers are knowledgeable and prepared is important to OE Federal Credit Union. We understand the thought of buying a home can be overwhelming, that's why we offer a great tool that will help make the process a little easier. Available to download is the eBook: The First-Time Homebuyer’s Guide – The Path to Your Favorite Place in the World. Below are highlights from the guide that provide some quick tips. Click here to read the full eBook.

The First-Time Homebuyer Guide

Making sure first-time homebuyers are knowledgeable and prepared is important to OE Federal Credit Union. We understand the thought of buying a home can be overwhelming, that’s why we offer a great tool that will help make the process a little easier. Available to download is the eBook: The First-Time Homebuyer’s Guide – The Path to Your Favorite Place in the World. Below are highlights from the guide that provide some quick tips. Click here to read the full eBook.

Getting Yourself Ready by Preparing for the Home-Buying Experience:

  • Get your finances in order – Before you start looking, talk with a loan professional at OE Federal to find out how much house you can afford.
  • Check your credit report – Get a copy of your credit report at annualcreditreport.com.

Research Your Options with OE Federal:

  • Investigate all your mortgage options – Work with OE Federal to determine your options and pick the one that’s right for you.
  • Get prequalified – The Credit Union can prequalify your home loan, so you’ll be ready to go when you find the right house.
  • First-time buyer program – You might qualify for their first-time buyer program that offers a low down payment, down payment assistance, and the option for part of your down payment to come from a gift. OE Federal’s First-time Buyer Program identifies first-time buyers as anyone who has not had ownership interest in a property in the last 4 years.
  • Educate yourself – OE Federal partners with Balance to provide homeownership coaching and pre-purchase counseling. Visit our education page for other great resources, articles, videos, and blogs.

Know Your Budget and Be Realistic:

  • Don’t end up house poor – Purchase a home you can afford, not one that stretches you to the limit.
  • How much can I afford? – There are home loan rates and monthly mortgage examples on our loan page to help you determine what you can afford. Use the Track Your Budget Worksheet in the eBook to list your income and track expenses.
  • Ask yourself – How much is your current rent payment? Did you meet that payment each month with ease, or was it a bit of a struggle? The payment you can afford right now is a good indicator of what you’ll be able to afford in your new home without making major lifestyle changes.

Buying a home, especially for the first time, is both scary and exciting. Set yourself up for success by doing research before you start looking. Put together your team of professionals, including a relator, loan expert, and inspector.  Then take your mental list and write it down so you can feel confident you’re making the right choices in finding your dream home. If you have questions call (800) 877-4444 or visit your local branch for more information.