Buying a home is one of the most exciting and important investments you’ll make. At Bowen & Associates Realty, we make the process simple by providing expert guidance at every step. Whether you’re a first-time homebuyer in Sumter or looking to upgrade, our home-buying resources will help you navigate the market, secure financing, and find the perfect home.

Step 1: Assess Your Financial Readiness

Before starting your home search, it’s crucial to evaluate your financial situation. Consider:

• Your budget – Factor in monthly mortgage payments, property taxes, homeowner’s insurance, and maintenance costs.
• Your credit score – A higher credit score can help secure better loan terms.
• Down payment – While traditional loans require 20%, many programs allow for as little as 3% down.
• Closing costs – These typically range from 2% to 5% of the home’s purchase price.

If you’re unsure where to start, our team can connect you with trusted lenders who can help assess your financial options.

Step 2: Get Pre-Approved for a Mortgage

A mortgage pre-approval shows sellers that you are a serious buyer and can afford the home you’re interested in. Work with a lender to:

• Explore mortgage options – FHA, VA, USDA, and conventional loans all have different requirements.
• Calculate your borrowing limit – Your lender will assess your income, debt, and credit score.
• Receive a pre-approval letter – This strengthens your offer when competing with other buyers.

Tip: Avoid making large purchases or opening new credit lines before closing, as this could impact your mortgage approval. Pre-Approval Checklist Use this checklist to ensure you’re fully prepared before starting your home search:

Task	Details/Target	Completed
Check your credit score	Aim for 620+ for conventional loans	✓
Calculate your debt-to-income (DTI) ratio	Ideally below 43%	✓
Gather financial documents	Pay stubs, tax returns, bank statements	✓
Compare mortgage loan options	Choose the best option for you	✓
Get pre-approved by a lender and obtain a letter		✓

Once you’ve checked everything off, you’re ready to start house hunting!  Start Your Home Search Now

Step 3: Start Your Home Search

Once pre-approved, it’s time to find your dream home! Here’s what to consider:

• Location & Neighborhoods – Schools, commute times, safety, and local amenities.
• Home Size & Features – Number of bedrooms, bathrooms, outdoor space, and layout.
• Future Resale Value – A home in a growing neighborhood is a smart investment.

Looking for homes in Sumter? Start browsing available listings here: View Listings Now

Step 4: Make an Offer & Negotiate

Once you find the right home, it’s time to submit an offer. This is a critical step in the buying process, as a well-structured offer can help you stand out in a competitive market.

What’s Included in an Offer?

• Purchase price – Your bid for the home is based on market research and comparable sales.
• Earnest money deposit – A good faith deposit, typically 1-3% of the home’s price, to show your commitment.
• Contingencies – Conditions that must be met before closing, such as a home inspection, appraisal, or securing final loan approval.
• Closing timeline – The preferred timeframe to finalize the purchase, usually 30-45 days.

Negotiation Strategies

• Competitive Pricing: If it’s a seller’s market, offering slightly above asking price could help.
• Seller Concessions: You can request the seller to cover some of your closing costs.
• Flexibility: Being open to the seller’s preferred closing date may make your offer more appealing.

If your offer is accepted, you’ll move forward with the home inspection and appraisal. If not, you may have the option to counteroffer or continue your home search. Step 5: Home Inspection & Appraisal Before finalizing the purchase, your home will undergo two key evaluations:

Home Inspection

A licensed home inspector will assess the condition of the home, identifying any potential issues. This typically covers:

• Roof and foundation stability
• Plumbing, electrical, and HVAC systems
• Appliances and structural integrity

💡 Tip: If serious issues arise, you can negotiate repairs or price adjustments with the seller.

Appraisal

Your lender will require an appraisal to confirm the home’s value aligns with the loan amount. If the appraisal is lower than the purchase price, you may need to:

• Renegotiate the price with the seller.
• Pay the difference in cash.
• Dispute the appraisal and request a reassessment.

Once these steps are completed, you’ll move to the final stage—closing on your home. Step 6: Closing on Your New Home The final step in the home-buying process is closing, where ownership officially transfers to you.

What Happens at Closing?

• Final Walkthrough: You’ll inspect the home to ensure agreed-upon repairs are completed.
• Sign Documents: This includes the mortgage agreement, deed, and closing disclosures.
• Pay Closing Costs: These include lender fees, title insurance, and taxes, typically 2-5% of the purchase price.
• Receive the Keys: Once all paperwork is signed and funds are transferred, the home is yours!

Tip: Set up homeowners insurance, utilities, and address updates before moving in to ensure a smooth transition.

Start Your Home Search Today!

With expert guidance and home buying and selling tools, we make the home-buying process simple and stress-free. Looking for homes in Sumter? Start your search here: View Homes Now

Need personalized guidance? Contact Bowen & Associates Realty today!