we are going crazy, there is probably alot to know! I will be looking for a house in the middle of 2007 and need any info on homebuying you can give me. I'm in Dallas so if anyone can help, I would greatly appreciate it! We have a $115,000 to $150,000 price range and would love lots of backyard and atleat 2,000 square feet. Thank You.
2006-08-23 07:41:36 · 16 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I do not know what property values are like in Texas, but if that price is based on the national average, you might get a condo for $115,000 with a really big parking lot.
2006-08-23 07:44:09 · answer #1 · answered by Joe K 6 · 0⤊ 0⤋
I am from Washington State and I am a Mortgage Broker.
The first thing is going to be your credit score and history.
What banks look at is your tradeline; how many credit cards or loans that you have in your names, and if you have good payment history. Three tradelines are usually the minimum with the banks that I work with.
Next is your job history. Minimum requirement two years on the job. I work with some banks that will go off 1 month or even 1 day on the job. If your credit score is 640 or higher you will find a better rate. If your score is lower than 640 you will get a higher rate.
If you do not have any credit, you should apply for credit cards now to raise your credit score. Remember that every time your credit is pulled your score will go down so do not apply for too many credit cards at once.
You can always get a copy of your credit report with all three credit bureau companies now that way you can get an idea of what you need to do to improve your credit rating and also to get your score.
For a first time home buyer you can get a 100% loan, for a home.
You can contact me at mmorganloans@yahoo.com if you would like more info. My company works with over 100 lenders and I know of some that are licensed in all states.
Make sure that you also find a Real Estate Agent that will work for you and your needs.
2006-08-23 14:54:25 · answer #2 · answered by mmorganloans 2 · 0⤊ 0⤋
Hello -
Let us be one of the first to congratulate you on your home purchase.
May I first suggest that you begin by making sure exactly how much home you can afford. Here is a link to some free calculators that will help you do just that -
http://www.freemortgageinformationsoutherncalifornia.com/calculators.aspx
Is this your first home? There are some common mistakes people make when applying for a mortgage. Here is a link to a free report that tells you what these mistakes are, and also how to guarantee the lowest closing costs when you buy your home -
http://www.freemortgageinformationsoutherncalifornia.com/critical_mistakes.aspx
One of the previous people mentioned also making certain what the local job growth rate would be for an area you would think of purchasing. That is great advice. You want to make certain that the local economy where you move is secure, as that will guarantee appreciation to your investment.
Please let me know if you have any further questions. While I'm not a realtor, I know some great ones in Dallas.
2006-08-24 02:57:06 · answer #3 · answered by Darren Meade 2 · 0⤊ 0⤋
First, get preapproved with your lender. DO THIS NOW. That way if there are any suprises- like bad credit that you weren't aware of, or if you dont qualify for xyz reason, etc, you can work on it for almost a year before you're ready. preapproval is Free. They'll look at paycheck stubs, W2's, and your credit history and tell you exactly how much you qualify for. DO THIS FIRST before you fall in love with houses out of your price range.
Then, in 2007, update the information with your lender and then go shopping. :-).
And GET AN INSPECTION. Its So important and yes, it costs 300-400$, but its SO worth it-- if you find damage, you can often negotiate it off the asking price.
Also, you'll need about $1000 earnest money when you make the offer, which if you're doing a 0 down loan you'll get back-- but you have to be ready to fork it over as a check at time of offer--- so save this up!
Also, closing costs can be $2k-6K depending on if you're high risk or what not, so budget this in.
2006-08-23 15:42:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
A few things you need to know:
What is your credit score?
Where do you keep your assets? Gather together a few bank statements and account statements for your future purchase.
You can get a great idea of the property values by checking the tax records for your county to see what homes are worth. 115K in Dallas probably won't buy you much more than 1000 square feet and you probably wont be downtown, you're more than likely going to be in a suburb. Try www.realtor.com to search for properties in your price range. Or visit my company website for helpful FAQ that new home buyers will have at www.firstfinmtg.com
2006-08-23 14:47:53 · answer #5 · answered by Green_Sea_waves 2 · 0⤊ 0⤋
wow, can you get that kind of house in Dallas for that price? I may be moving to Dallas. I just bought my first townhouse they call them "duet homes" here in Nevada. We called them duplexes in California. and it was 233,000 for 1,120 square feet, not really a back yard, but a cute enough patio with a waterfall and all. The number one thing i would suggest to you is call different lenders. The first few people quoted me at like7.5-8 percent on my loan! I ended up getting 6.375, which is still high, but I'm young and am self employed so it was harder to prove my income blah blah. Lots of things you need to know, but I would talk to a real estate agent. She explained all kinds of things to me. Also, I asked my parents cause they know everything, and even though I'm 25, I still feel like I don't have enough life experience. Shop around. Hopefully in 2007 for your sake it will still be a buyer's market so you can pick and choose. Good luck, it's wonderful!
2006-08-23 14:45:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Do your research before signing any docs. Find a realtor, one that you are comfortable with. Look on the internet for homes in either your price range or area. You know what they say, Location, location, location. Once you see what the market is like, you can make more informed decisions. Absolutely get a home inspection if you are buying a used home.
2006-08-23 15:52:43 · answer #7 · answered by hirebookkeeper 6 · 0⤊ 0⤋
In Dallas, I can't see you getting 2000 SF and a yard for that kind of money. I couldn't do that here (Harrisburg, PA) and the cost of living is more in big D. I will give you one piece of advice though, whenever you find a home, pay money and get a HOME INSPECTION. It can save you a lot of money and heartache later. Also, make a list of what you want and what you NEED. Stick to it and if you find a house you want, sleep on it for a couple of days and make sure it is what you want.
2006-08-23 14:45:03 · answer #8 · answered by matt b 3 · 0⤊ 0⤋
Try contacting a local real estate agent. They will know everything there is to know about affordable, safe options. A really good website to browse local real estate/real estate agents is: http://www.realestateforsaleintexas.com
It's really easy to navigate and is full of info about realtors with links to their personal websites. Most of their websites will have all the available homes/rentals in the area along with community info, so you can do some research before you contact anyone. Hopefully that works for you. Good luck!
2006-08-23 19:29:39 · answer #9 · answered by bigmary2 4 · 0⤊ 0⤋
Get a home inspection, also, I think HDTV has a page on their website about home buying tips, so try searching for that. I don't know if you will get what you are looking for in that price range, but you can always look it up on real estate sites and hope to find it.
2006-08-23 14:47:16 · answer #10 · answered by 4eyed zombie 6 · 0⤊ 0⤋