what is the process of purchasing a home?

Answer 1

Long and drawn out.

Save money, or be given a down payment gift (wish it was that easy for me). You should have 10 to 20 percent down. Figure how much you can afford, and determine how much you can spend. Shop, find, offer, and pay for the rest of your life through the nose.

Credit score helps, banks will ruin that for you by excess looking. Each time someone looks at your credit, they lower your score. So, be sure when you pull the trigger.

Answer 2

The first answerer is wrong on several accounts:


only1gena
Level 1

#1 - Find out your credit score from all 3 credit beaureas, it needs to be above 650 --- NO IT DOES NOT. ...but it helps. Above 580 and you can get a 0 down loan.
#1b - repair your credit if necessary (Always a good idea!)
#2 - you will need about $7-10g's for closing costs and at least 20% of the purchase price, or 100% financing - regardless of the type of loan you choose, you still need money for closing costs.
#3 - Find out how much loan you prequalify for and what you can afford, you may want to sit down at your local bank or go on lendingtree.com or eloan.com. If you want 100% financing, you will need 2 loans, 1 for 80% of the purchase price and another for 20% at a high interest rate.--

First, you can get a 0 down lown WITHOUT it being an 80/20 (two loans). But you will pay PMI of possibly over $100 a month. Second, you can roll your closing costs into the lown by asking the 'seller to pay' closing costs-- if they won't do this straight up, then you raise the sales price by the exact amount you want them to pay.
#4 - Find a Realtor
#5 - Go shopping

Answer 3

The easiest way is to go to the bank of choice to be pre-approved for a loan. (you might want to talk with different banks and mortgage companies for the best interest rates) They will tell you by your income, what you would be able to afford. They also will be able to tell you what amount you would need for a down payment i.e. 5%, 10%, no money down. Once your pre-approved, it's time to house hunt. Oh what fun that is. Make sure to look at more than just one. There is a large market of houses for sale. Then you will have to talk to the Realtor to make an offer. This will in turn have the Realtor exchange with owners to see if they accept your offer. If they accept, a closing for the house will be set up with the bank. Sign papers and your done. Sounds easy huh?

Answer 4

Watch TV until a no down payment huckster comes on and then do everything he says, including buying all his tapes and books. Oh, you already did that? Good, now you're ready for the real effort. Call a licensed Realtor!

Answer 5

Start by talking to a realtor and since you are a 1st time buyer, ask the realtor about a CDA loan for first time buyers.Lower interest rates and minimal momey down.
Read this about CDA loans.
http://www.northropteam.com/buy/search/First-TimeBuyers.htm