i eventually want to buy a house in arizona and would like to go about it as painless as possible,thank you in advance
2007-01-15 07:44:49 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The best thing to do is, I started with CountryWide Home Loans. They did a credit report and checked things for me and told me what I would need to do and told me how much I could afford. If there are things on your credit that need to be payed they will tell you and make sure you ask about the income to debt ratio. This will help also with how much you will be able to afford. Its tuff looking at houses that you think you can but you really cant. If they can give you a loan they will tell you to find a house and they will do the appraisal on it. You will have to have some money set aside for ernest money....which will tell the sellers that you really would like to buy the house and you can use that for closing and you will have to make sure that you have a inspector available when it comes to inspecting the house. Those range from 300-500. CountyWide is good and if they cannot help you they will direct you on where you need to go. I hope this helps in anyway!
2007-01-15 07:52:59 · answer #1 · answered by Believe 2 · 1⤊ 2⤋
Talk to a lender first. We would do a "pre-approval" and get you set up with a loan up to a certain dollar amount. That way you know what your payments are going to be before you go out and start looking at houses. This way you only have to consider homes that are actually options for you. There is no obligation for these preapprovals, and never give a lender up-front fees for doing one. You can do one now and get an evaluation for TODAY and recommendations on what you could do to improve your situation for next year.
Good luck and kudos for taking the initiative and looking before you leap.
2007-01-15 07:54:48 · answer #2 · answered by sdmike 5 · 2⤊ 1⤋
If credit is moderately decent, shop around quite a bit. Ask about FHA loans. Grant programs. Conventional agency programs.
There's lots of good stuff out there for people with kinda bad credit. Fixed rate programs with low down payment requirements.
Avoid anyone who only wants to talk about 2 or 3 year fixed rate loans, or 50 year loans. You shouldn't necessarily have to take a "subprime" loan.
2007-01-15 07:51:53 · answer #3 · answered by Anonymous · 1⤊ 2⤋
May I suggest that your chances are 'not that bad, but not that great'. Good luck.
2007-01-15 07:51:04 · answer #4 · answered by thomasrobinsonantonio 7 · 0⤊ 2⤋
put 100% down payment and you will have no pain at all
2007-01-15 07:49:39 · answer #5 · answered by Anonymous · 0⤊ 3⤋