Buyer FAQ

Buyer FAQ

What should be my first step in the purchase process?

The first step that every buyer needs to know is their personal buying power in the current market. At Delaware Realty Group we have a network of lenders that we work with who specialize in different areas and offer different programs. There are certain lenders who offer different mortgage programs than others. Some programs are based on the location of the home while others are based on the specific profile of the buyer. At Delaware Realty Group we will help fit you with a lender who will best serve your needs.

Do I need to have 20% Down to buy a home?

No you do not need 20% down to buy a home. I have heard this myth being stated by many familiar faces on TV and it is not the case. Of course everyone would love to have enough money to put down 20% but the reality is that there are many mortgage programs available that require little to no money down. With those programs come different qualifications that a borrower must meet. At Delaware Realty Group we can help you understand which mortgage programs are available in each area for you and we will put you in contact with a lender who will best serve your down payment needs.

What different types of mortgage programs are there and which one is the best?

There are 4 main loan types available: Conventional, FHA, VA, and USDA. Each loan program has different required down payment amounts and different fee structures for mortgage insurance. Conventional requires a minimum of 5% down, FHA requires a minimum of 3.5% down, VA (Veteran Administration) has no minimum requirement for down payment. USDA (United States Department of Agricultures) has no minimum down payment. Aside from these basic 4 there are many other different types of mortgages that are offered that could be a great fit for you. We can help you find the mortgage that will be the best fit for you not only for down payment but which one makes sense for you for however long you plan to own your home.

Are there any first time home buyer incentives?

Yes. There are still first time homebuyer incentives that are being offered today. Each program or incentive has its own specific requirements. We can help you discover which programs are the best fit for you. Also there are many programs and incentives that are available to non-first time home buyers. We can help you see which of those are a fit as well.

Should I have an agent for a For Sale By Owner (FSBO)?

Delaware Realty Group we can help you with a For Sale by Owner. Most For Sale By Owner sellers are trying to save money on sellers commission. However, they would be more than happy to pay for a buyer’s agent to have a smooth sale and settlement of their home. We will contact the owner for you, help you set up financing and settlement services so that you have a smooth transaction. Since we are experts in helping our buyers a For Sale By Owner will be much easier with an agent from Delaware Realty Group helping you as the buyer.

Do I need an agent to purchase new construction?

No you don’t NEED and agent but you will be better off if you do. The first thing to consider is that our service is FREE to the buyer. The builder’s representative works for the builder. You are much better served if you bring an agent who will be representing you. The agents at Delaware Realty Group are new construction experts who understand not only the purchase process but the construction process as well. There is a whole lot more that goes into building a home than there is in purchasing one that is already constructed. Let the experts at Delaware Realty Group guide you through this process. Visit our NEW CONSTRUCTION page for more specific reasons on why you should have Delaware Realty group represent you. (Link to New Construction Page HERE)

When Should I contact an agent?

You should contact an agent now. If you have taken the time to research homes enough to have been directed to this site you are far enough into your home search process for us to help you. We can help introduce you to the overall market by giving you general information on the homes in the area you are looking, specific financing information, new construction opportunities, and many other valuable resources to kick off your home search with the best agents you will find.
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