we saw a 139,000 home that we love and we heard there are government programs or programs rather for first time home-buyer what are the steps we need to take because we really want to purchase this home soon as possible and How Long does a process takes when buyinh a home because our lease is up in 2 months is it possible to find a home by then? thanks
2006-12-11 20:56:15 · 8 answers · asked by terica20042000 1 in Business & Finance ➔ Renting & Real Estate
find the place you like
speak to your bank/financial institution to see if you're eligible for a loan (unless you have the money outright)
get a solicitor involved (very important because of the legal documents)
First Home Owners grant - you can use this as part of your deposit (they will include it in the loan docs)
or you can apply within 12 mths of purchasing your first home
(in australia its $7000)
It took a whole 2mths for me when i bought my first home
Saw the place in Aug ..
arranged finance with bank
sealed deal with agent
solicitor organised everything
and moved into place in Oct
and i claimed the $7K afterwards (as i didnt want to use it as deposit)
Good luck with your new home
2006-12-11 21:01:17 · answer #1 · answered by DeeDee 5 · 0⤊ 0⤋
yes if you move fast but not to fast you don't want to rush in. first go to your bank and get a pre approved mortgage they will tell you how much they are willing to lean you. and shop around for one see witch bank will give you a better rate. then go shopping if you have all ready found something you like cheek the area around and is if the price is fair. make sure very important before you close the deal you have the house inspected from top to bottom very important you do this you don't want to wined up with a house fill of problems. some times you can't get the date you want and you can talk to you land lord and see if he will extend the lease for a month or so more. good luck and Happy house hunting.
2006-12-12 05:07:23 · answer #2 · answered by Lara <:(((>< 4 · 0⤊ 0⤋
Find your local Housing and Urban Development (HUD) office and they can set you up with the program. It involves taking a short set of classes that are super helpful. I took the course, and am so glad that I did, I would have never been able to get through the whole process on my own. The number should be in the phone book, or check online. I recommend the program, 100%.
2006-12-12 05:01:39 · answer #3 · answered by KyLeth 4 · 1⤊ 0⤋
You don't say where you live. US? UK? AUS? If in the US find a Buyer Agent. Don't use the seller's agent. Buyer Agents use ABR or CRS behind their name. They can pit you in touch with Rural Development and your state Housing Authority. Both have great programs fdor first time buyers. Buyer Agents get paid at closing from the seller's agent and we usually don't charge a "retainer" especially since you have found the house you want. Yes, you can close easily in 2 months. A first time buyer is one who has not owned a home in the last 3 years.
2006-12-12 08:36:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I believe you may be referring to home buying through an FHA Loan (government program).
"How to Obtain an FHA Loan" (by www.wikipedia.com"):
"FHA does not make loans. Rather, it insures loans made by private lenders. The first step in obtaining an FHA loan is to contact several lenders and/or mortgage brokers, and ask them if they originate FHA loans. As each lender sets their own rates and terms, comparison shopping is important in this market!
When you begin to seriously consider purchasing a new home it is important that you follow some simple steps to make sure that the process runs smoothly.
The first thing you should do is an analysis of your "debt-to-income" ratio. This important step will let you know what type of home you can afford based on your monthly income and expenses. (I highly recommend you visit www.BankRate.com and use one of their "mortgage calculators" that will allow you to put in some personal financial figures, which will then calculate how much "mortgage" you can afford to take out/borrow.)
The next important step in purchasing a new home is to get pre-approved for a home loan. The peace of mind that comes with knowing that your mortgage loan and credit report have been approved will allow you to shop for your new home with confidence. And when you find a home and are ready to make an offer the fact that you have already been pre-approved for your loan amount will give the seller confidence in you as a buyer. (Call/Visit nearby credit unions, banks, mortgage brokers, mortgage lending companies, etc. and get "pre-approved" now!)
FHA insures home purchase or refinancing loans with interest rates that may increase or decrease over time, enabling consumers to purchase or refinance their home at a lower initial interest rate. (www.BankRate.com lists daily "interest rate" comparisons based upon city/state locations... they also have a mortgage calculator that tells you how much you will have to pay per month in mortgage payments, based upon the "interest rate" term applied and the amount you plan to borrow" = very helpful!!!)
FHA's mortgage insurance programs help low- and moderate-income families become homeowners by lowering some of the costs of their mortgage loans. FHA mortgage insurance also encourages lenders to make loans to otherwise creditworthy borrowers and projects that might not be able to meet conventional underwriting requirements, protecting the lender against loan default on mortgages for properties that meet certain minimum requirements -- including manufactured homes, single and multifamily properties, and some health-related facilities."
(Hope this helps, and I hope you and your husband will be owners of a nice home soon!!!)
2006-12-12 05:42:00 · answer #5 · answered by loststream 3 · 0⤊ 0⤋
You are looking at the right time. Get references from friends for a good experienced Loan Officer to work with. You need to take full application and have your credit pulled. Then your loan officer can put together programs you qualify for.
2006-12-12 09:09:33 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You should be able to get the home loan done in a month or less. You need to apply for a mortgage and get started the Loan Officer will help you with everything from there.
Matt
http://www.diversifiedlender.com
http://www.homemortgageminnesota.com/
http://www.refinance-second-mortgage.biz
http://www.minnesota-mortgage-rates.net
2006-12-12 07:41:08 · answer #7 · answered by Matt J 3 · 0⤊ 0⤋
Call a local realtor. Ask your friends and or family for someone they have used before.
2006-12-12 14:04:12 · answer #8 · answered by emourelatos 2 · 0⤊ 0⤋