Buyers should turn their gaze to the future

Q: We are renting, and now we are ready to look at houses to buy. We have a real estate agent we like, but it would be great if you could send us some advice now we’re starting to look. — D. G. and R. G.

A: You may be sure about what kind of home you want now, but think of the future as you begin your search. Nature-loving couples may come into the agent’s office asking for an old house and say, “We don’t care if it’s rundown, and we want 5 acres.” (For some reason, no one ever asks for 4 acres, or 6.)

The agent faces a problem immediately because it’s hard to find financing for a rundown house. And a few years later, he may find the couple back in the office after they found themselves isolated, with a couple of toddlers and nary a babysitter in sight.

“This time,” they said, “we need something in a tract full of toddler playmates and teenage babysitters.”

Ideas about design may change also. The couple with the toddlers will love a family room that’s open to the kitchen so the tots can be supervised during the cooking. But 10 years later, they will welcome a family room down a flight of stairs, around a corner and with a soundproof door.

As you start, keep in mind that every house is a compromise. You’ll fall in love with some house and suddenly find you can live without the open fireplace, or the mature trees or a guest room.

As for conditions, if your eventual offer to buy is “subject to” a satisfactory home engineer inspection, you’ll pay for the inspection but know what you’re taking on, and you’ll have the right to drop out — or renegotiate — if it turns out to be more than you want to deal with. But mostly, enjoy the search!

Q: We have never owned a house. We both work, and our credit is average. We have nothing saved for a down payment. Is there any way we can buy a house? — M. R.

A: Yes, there are ways to place a mortgage with no down payment. If one of you is a veteran, I expect you already know Veterans Affairs loans require no down payment, and the funding fee can be financed. You just need to show enough dependable income to handle the payments, and the fee must be paid at closing time. Most lenders would want a credit score of 620, but some might require less.

Not so well known is the U.S. Department of Agriculture mortgage program. It’s available to low- to moderate-income buyers with no down payment. It can be used for farms and rural areas, and for many suburban homes.

Most first-time mortgage borrowers end up with FHA loans from the Federal Housing Authority, though. Those allow other parties — parents, sellers — to make the minimum 3.5 percent down payment and even help with closing costs.

It shouldn’t cost anything to consult a mortgage broker in your area. That’s mortgage broker, not mortgage banker. Brokers bring lenders and borrowers together. Some are paid by the successful borrower, but some are not. Inquire ahead of time.