{"id":1704,"date":"2023-10-11T07:47:23","date_gmt":"2023-10-11T07:47:23","guid":{"rendered":"https:\/\/first-exchange-bank.flywheelsites.com\/?p=1704"},"modified":"2024-03-18T13:08:41","modified_gmt":"2024-03-18T13:08:41","slug":"morgantown-first-time-homebuyers-guide","status":"publish","type":"post","link":"https:\/\/www.firstexchangebank.com\/morgantown-first-time-homebuyers-guide\/","title":{"rendered":"Morgantown First Time Homebuyers Guide"},"content":{"rendered":"

Buying your first home is a wonderful milestone, but it can also feel daunting. That\u2019s why we created this guide just for you. First Exchange Bank has been helping West Virginians and residents of Morgantown become homeowners for nearly a century. In this article, we\u2019ll simplify the process by breaking down the steps: from figuring out how much you can afford to saving for a down payment, choosing a neighborhood, finding a home you love and can afford, budgeting for life as a new homeowner, and more.<\/p>\n

Buying Your First Home in Morgantown: How much can you afford?<\/h2>\n

As the home of West Virginia University\u2019s flagship campus and its popular Mountaineers football team, Morgantown is a desirable place to live. Just take a look at\u00a0all the awards\u00a0<\/a>the city has received in recent years, including Top STEM City in West Virginia, Top 100 Places To Live, and Best Places To Raise a Family. WVU, an R1 Research University, and Morgantown have also received\u00a0national recognition and rankings.<\/a><\/p>\n

The median home price in Morgantown is $226,500,\u00a0according to BestPlaces<\/a>, which also notes that \u201crecent job growth is positive\u201d and \u201cMorgantown\u2019s cost of living is 10% lower than the U.S. average.\u201d And, in good news for first-time buyers, Realtor.com characterizes the real estate market in Morgantown as \u201cbalanced,\u201d meaning that the supply and demand of houses for sale is about equal.<\/p>\n

For more information on calculating how much money you need to buy a house in West Virginia, check out our recent blog about\u00a0the cost of buying a house in West Virginia.\u00a0<\/a><\/p>\n

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Take stock of your financial situation.<\/h2>\n

Now that you have a sense of the current real estate market and how much you can afford to spend on a home, it\u2019s time to assess your finances. Ask yourself these questions and write down the answers:<\/p>\n

What is your monthly income?<\/h3>\n

Calculate your monthly income to see how what your budget will look like. A good rule of thumb is to keep your monthly housing payment (whether rent or mortgage) at 30 percent or less of your monthly income.<\/p>\n

How much house can you afford?<\/h3>\n

There are many great neighborhoods in the Morgantown area. And while the average home price in Morgantown is less than the national average, that doesn\u2019t mean that every house for sale in Morgantown will be under $230,000. Homes in the Suncrest and Cheat Lake area have a median price around $300,000.<\/p>\n

Remember that your estimated monthly mortgage payment based on sales price doesn\u2019t account for home insurance and taxes. So, your actual payment may be a few hundred dollars more. Use our\u00a0home financing calculators<\/a>\u00a0to help you determine your home buying budget.<\/p>\n

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How much do you have saved for a down payment?<\/h3>\n

First Exchange Bank can finance up to 89.99% of the home purchase price. Our local, in-house lending also means\u00a0lower closing costs on your mortgage.\u00a0\u00a0<\/a><\/p>\n

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What are your other monthly expenses?<\/h3>\n

If you don\u2019t already have these listed in your budget, write down your monthly recurring expenses such as loan and credit card payments, estimated grocery costs, utilities, etc. Keep in mind that your budget will likely change once you become a homeowner. If you\u2019re not already budgeting,\u00a0start a budget\u00a0<\/a>now.<\/p>\n

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Now, familiarize yourself with the costs associated with buying a home (besides the mortgage):<\/p>\n