Buying your first home is one of the most exciting — and complex — decisions you will ever make. This guide walks you through every step of the process in the Capital District of New York so you know exactly what to expect.
Step 1: Get Pre-Approved
Before you look at a single home, talk to a lender. A pre-approval letter tells sellers you are a serious buyer and tells you how much house you can actually afford. Your Bethea Realty agent can refer you to trusted local lenders who work in the Capital District market.
Step 2: Know Your True Budget
Your mortgage payment is not your only cost. First-time buyers should also budget for: property taxes (variable by county — Albany, Saratoga, and Schenectady each have different rates), homeowner’s insurance, PMI if your down payment is under 20%, closing costs (typically 2–4% of purchase price), and moving expenses.
Step 3: Work with a Buyer’s Agent
In New York State, the buyer’s agent represents YOUR interests — not the seller’s. Bethea Realty’s Accredited Buyer’s Representative (ABR) designation means your agent has received specialized training in buyer representation. And in most transactions, the seller pays the buyer’s agent commission — so your representation costs you nothing extra.
Step 4: Make a Strong Offer
In the Capital District’s competitive market, a well-structured offer matters as much as the price. Your Bethea Realty agent will guide you on offer price, inspection contingencies, and how to make your offer stand out without overpaying.
Step 5: From Accepted Offer to Closing
After your offer is accepted, you will go through inspections, appraisal, final mortgage approval, and attorney review before closing. In New York, real estate closings require an attorney — your Bethea Realty agent can refer you to experienced local attorneys.
First-Time Buyer Programs in New York
- SONYMA (State of New York Mortgage Agency) — Low-interest mortgage programs for first-time buyers
- Down Payment Assistance Programs — Ask your lender and your Bethea Realty agent about local options
- FHA Loans — 3.5% down payment with qualifying credit score
- USDA Loans — Zero down payment for eligible rural areas in our service counties