Need advice on trying to buy first home?

Question

I am a single mom of three boys, currently going to a Votech and i am wanting some information on trying to buy my first home. I have a limited income for right now. But i want to move to the Tulsa area where some of my family lives and buy a house. Does anyone know of any good loan companies that can get you a loan with a no down payment on a house or somehting to this nature. And what all is involved with buying your first home.

Answer 1

None of the other answers have yet touched on your biggest hurdle: income. You mentioned limited income for right now, what about in Tulsa? You won't be able to qualify for a mortgage loan in another city before you have a source of income there, i.e., a job.

Other than that, go to www.julielanicek.com to apply for a no down payment loan. Fannie Mae (fanniemae.com) is not a retail lender so you can't get a loan there...

Move in with some family member in Tulsa until you find employment, then apply for a mortgage.

Rick
www.fairwaymortgagelending.com

Answer 2

Countrywide or First Horizon are big lenders around here...TALK WITH A LENDER FIRST

Here is WHY??

It allows us to know your maximum sales price.

It will help us know what type of house you will be able to purchase.

It is a great negotiation tool.

It tells the seller you are serious.

10 Things to Take the Trauma Out of Homebuying

1. Find a real estate agent that's simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It's critical that the agent you chose is both skilled and a good fit with your personality.

2. Remember, there's no "right" time to buy, any more than there's a right time to sell. If you find a home now, don't try to second-guess the interest rates or the housing market by waiting. Changes don't usually occur fast enough to make that much difference in price, and a good home won't stay on the market long.

3. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.

4. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go.

5. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to "win" by getting an extra-low price may lose you the home you love.

6. Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical aspects of the house itself—room size, kitchen—that you forget such issues as amenities, noise level, etc., that have a big impact on what it's like to live in your new home.

7. Don't wait until you've found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don't leave yourself short and let your home deteriorate.

9. Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.

10. Choose a home first because you love it; then think about appreciation

Answer 3

Finding a good company isn't the problem, most lenders offer 100% financing or FHA loans with 97% financing, in which the seller can pay up to 6% toward closing cost. So either option will get you into a home with no money down

The question is, do you qualify for a loan. First, you need to have decent credt. A middle score on your credit report of 600 will get you 100% financing through conventional loans. A middle score of 580, will get you qualified for a FHA loan. FHA loans are not score driven, but your credit score should be at least in mid 500's, but better if possible. FHA perfers no lates or collections within the past year, but a letter of explanation can get around this.

Second, what is your income. You have to prove you can pay the mortgage. Your debt to income ratio (DTI) is an impotant factor. The amount of house you can afford depends on your DTI. This basically means, how much money are you paying out versus how much you are taking in. Convetional loans will go up to 50% if your credit is good, FHA up to 41%.

Answer 4

First thing to do is to draw up a current financial statement: balance sheet (what you own and what you owe), and income statement (how much comes in during a year, and how much goes out). Next, go to your bank, taking these documents with you, and ask for advice. The banker will know generally what can be done and will be able to work out how much house (if any) you can afford. Then, go to the realtor.com web site, and go shopping in the area of interest. Knowing what you can afford, and what there is to buy, will give you an overall sanity check on the project. If the sanity check passes, go to Tulsa, find a realtor, and start shopping.

Answer 5

Hello.
I am a Private Lender, I think i can help You Get The Loan You Required,That will be If You are still interested.My Interest rate is considerate.
Contact me Via email,[e-mail]

Mr Edward Pellicane.

Answer 6

Thats sounds great good for you so am I buying my first home you have to have a down payment 5% your first time buyer you find the home you want then make a offter your realtor trys to get you a good deal next home expection to see good conditon then lawyer to check lto see that every thing is ok hope this helps you

Answer 7

We (my husband and I) just got married and bought our first home together...It's what we lovingly referred to as a handman special but still, it's a diamond now! As for our start though, we went thru foreclosure listings and researched ALOT before buying. FreddieMac and FannieMay are one in the same and will be the easiest (espicially with credit blemishes) so try them. Find the right real estate agent and it can make all the difference in the world. People NEED to sell homes now, not have too so shop smart...it was possible for us and it can be for you too.
Good luck :)

Answer 8

no rely if regular or FHA, they're nevertheless difficulty to an appraisal so as that would desire to no longer make any distinction. it relatively is confusing procuring a HUD residing house because of the fact they leave the bidding technique open till they get carry of a suitable bid and because they're receiving diverse bids it may pass over record cost. If somebody is bidding over record cost they're in all threat funds customers. the subsequent time you submit a bid tell your agent to leave the "date for attractiveness" open. realtor.sailor

Answer 9

You can get a HUD loan which is housing urban developement.

Answer 10

FANNIEMAE.COM