First-Time Home Buyers

Do I need a realtor to buy a home?

You are not required to work with a real estate agent when buying a home, but having experienced representation can be especially valuable for first-time buyers. We can guide you through the process, help you understand the homes and terms you are considering, prepare and negotiate your offer, coordinate the many steps leading to closing, and advocate for your interests throughout the transaction. Before you begin touring homes, we will also explain how buyer representation works, including our services and how real estate professional compensation is handled, so you can make informed decisions from the start.

How much do I have to save to buy a home?

The amount you need to save depends on several factors, including the type of financing you choose, the price of the home, and your individual financial situation.

A large down payment is not always required. For example, FHA financing may allow eligible buyers to purchase a home with a down payment as low as 3.5%. Other loan options may have different down payment requirements.

It is also important to plan for closing costs and other expenses associated with purchasing a home.

The best way to understand what you may need is to speak with an experienced mortgage professional who can review your specific situation and explain your available financing options. We can connect you with an experienced lender who will help you understand the numbers and determine what makes sense for you before you begin your home search.

What credit score do I need?

There isn't one credit score that guarantees you will qualify for a mortgage. Your credit score is an important part of the picture, and a higher score can give you access to more loan options and potentially better interest rates. Many buyers aim for a credit score of 620 or higher, although requirements vary depending on the loan program and lender. Your credit score is considered alongside your income, debt, employment history, down payment, and other factors. The best first step is to talk with an experienced mortgage professional who can review your complete financial picture. If your credit needs some improvement, they can help you understand what you can do to put yourself in a stronger position to buy when the time is right. We're happy to connect you with a trusted lender to get started.

What is the typical price range in Salem, Oregon?

There isn't one typical price range that applies to every homebuyer. Salem and the surrounding communities offer a variety of housing options, including condos, townhomes, and single-family homes, at different price points. Home prices can vary significantly based on the neighborhood, property type, size, condition, and other features. Rather than assuming you need to fit into a particular price range, we can help you explore the options that fit your budget and homeownership goals. Once you know what you're comfortable spending, we can help you find the right opportunities throughout Salem and the surrounding Willamette Valley communities.