Jeni VanOrnum | Real Estate Insights & Education

First-time homebuyers have many questions. I’m Jeni VanOrnum, your Douglas County real estate agent, answering the most common questions I hear from first-time buyers.

How Much Do I Need for a Down Payment?

Not 20%! FHA loans require just 3.5% down, conventional loans need 3-5%, and VA loans require zero down. Down payment assistance programs can cover some or all of your down payment.

What Credit Score Do I Need?

It depends on the loan type. Conventional loans prefer 620+, FHA loans accept 580+, and VA loans are flexible with credit scores. Even with lower scores, options exist.

Should I Buy or Keep Renting?

If you plan to stay in Douglas County for 3+ years, can afford monthly payments comfortably, and have stable employment, buying typically makes financial sense over renting.

How Long Does the Process Take?

From starting your search to holding keys, expect 3-6 months. House hunting takes 2 weeks to 3 months, and closing takes 30-45 days once you’re under contract.

Do I Need a Real Estate Agent?

Yes! Buyer’s agents are free to you (sellers pay the commission) and provide invaluable expertise, negotiation skills, and protection throughout the process.

What’s the Difference Between Pre-Qualification and Pre-Approval?

Pre-qualification is an estimate. Pre-approval means a lender has verified your finances and committed to lending you a specific amount. Sellers take pre-approval seriously.

Can I Buy a Home with Student Loans?

Yes! Student loans affect your debt-to-income ratio, but they don’t disqualify you. Lenders consider your total monthly debt payments relative to your income.

What Are Closing Costs?

Closing costs are fees paid at closing, typically 2-5% of purchase price. They include lender fees, title insurance, appraisal, and prepaid taxes and insurance.

Should I Waive the Inspection?

Never! Inspections protect you from buying homes with serious problems. Even in competitive markets, inspection contingencies are essential.

What If the Appraisal Comes in Low?

You can renegotiate the price, bring additional cash, challenge the appraisal, or terminate using your appraisal contingency.

More Questions?

Contact Jeni VanOrnum today. I’m here to answer all your Douglas County first-time homebuyer questions.