what are the requirements for first time home buyers?

Answer 1

you need to be a little more specific. really there arent any more than a second or third time home buyer. you gotta have the cash or get a loan to purchase the home. get insurance and there is a few other minor details youre realtor or mortgage broker should tell you about. if you got any questions just ask im a realtor in florida ill answer whatever i can for you.

Answer 2

There are no specific requirements except to qualify for a 1st time buyer program you must not have owned a home in the past 3 years for most of the programs. There is even a loan program now for buyers who have no established credit. As long as you have the income to make the payments you can buy with almost nothing out of pocket. You will need a good faith deposit which you will get back at the close and you'll need $200-300 for a home inspection. You may need to pay for the appraisal up front too which runs about $400.

Answer 3

All banks just about offer the same products and loan programs with the different qualifications in each of their programs.

Your interest rate is based on your credit score and how well you have paid your consumer debt over time.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home.

In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

I this has been of some use to you, good luck

"FIGHT ON"

Answer 4

Some excellent advice has already been given.

The "requirements" depend on what type of property you are buying, the state you live in, your credit, your income, the amount of money you are financing, etc.

Talk to a real estate agent or mortgage professional in your area to find out what you need to start the process. Or, check out the websites below for more details.

Good luck!

Answer 5

Acermill in many cases notes significant factors that maximum folk pass over. "usual place of residing" is one such factor. the place is the abode? in case you own a house which you haven't any longer lived in for the previous 36 month, then you definately nonetheless qualify for the $8k. working example - in case you have been in school, renting for the previous 3 years, yet your grandmother, decrease back on your place city gave you a house... you nonetheless have not owned a "usual place of residing".

Answer 6

damn! this is so long, but i hope it helps you. it is hard to be a first time buyer:

skip gave you SUPERIOR advice as to the first step: determining how much money you can afford to pay per month as well as the maximum amount of mortgage. your mortgage broker/lender will also, based on the data you supply, figure out what price range you should look at.

figure that a single family detached house, not a condo, and not a townhouse (although those are popular now in large cities since SFHs in cities are so, so highly priced!!!) will actually settle for approximately 96% of asking (listed) price, in most marketplaces. that is because it is the american dream to have a private residence, yard for kids, and private garage. the prettiest gardens usually are in the yards of SFHs, so they have "curb appeal," and may i add: the higher the curb appeal, usually the higher the price.

i want to address other requirements not related to dollar figures. as stated, do not hire your buyer's broker (it will not cost you, but GET YOUR OWN AGENT THAT WILL REPRESENT YOUR INTERESTS, NOT THOSE OF THE SELLER!!!) until you know what price range you can afford. then, as a buyer's broker (sometimes) in the past 23 years, i am addressing requirments that you as a buyer should be prepared to deal with, working with your agent:

1. not meaning to be sexist, but usually, for houses, a female agent is best, since women have been the hearth keepers since time immemorial. female buyer brokers/agents are normally very thorough, not glancing over potential defects but explaining why one may be more worrisome than another. very few (but yes, there really are some) males are good with RESIDENTIAL real estate.

2. you should see 3 separate real estate licensees in their offices before you choose one. the purpose of this is only to see if they:

a. are willing to work exclusively on YOUR behalf as a buyer, not wanting to give out your negotiating tactics or the final price you really WILL pay, ever, to the seller's agent/broker (listing agency that has the sign in the yard); which means that an agent can fully explain to you what the word "AGENCY" means. you have no idea how important that is, it is your requirement of them!

b. will explain to you which neighborhoods they know best and answer questions you have, based on your drives through the areas before you sit down with them (drive around, choose areas that you like, call a few agencies, just to see what the seller is asking in general in the areas you drive to determine if you should look in different areas).

c. will explain why you will need other professionals to help you, such as the title insurance company at closing (its costs too), other general closing costs, what transfer stamp costs you must pay, as well as why you must have a real estate attorney and what they generally charge (they can give you many referrals).

3. a requirement that you should put upon yourself is to choose a buyer broker/agent that does NOT pull in millions of $ a year, but rather, takes at least one hour on the first meeting, so long as you already have your financing lined up, to discuss your needs and wants and why you have them. you should require of yourself to analyze, in your own mind, what in a house you MUST have and what you WANT, e.g., some people MUST HAVE a 2 car garage, and some people only wish that possibly they would have any type of garage, parking pad, or permit parking. that is NEED v. WANT.

4. you should require yourself to ask the agents how they get paid. especially, since you are hiring one to be YOUR buyer's agent, you want to know if you must come up with any money to pay them (we get paid only when the deal closes). normally, unless you want a house not on the market, you will not pay a penny to the agent, but she should explain how she will get paid, to you.

5. you should require of yourself that once you choose your buyer's agent, you be loyal to her. your agent has to pay living expenses just like you do and on top of it, astromical costs just to do this sort of work. it would be icky to say the least if you have your agent taking you to the areas that you can afford at her expense, calling you for follow up or a second showing, delivering new on the market houses (via computer or giving them to you on paper), only for you to walk into an open house without telling her, then to buy it without her participation. don't do that to your good agent. you wouldn't want to work for nothing, would you?

6. you should require your buyer's broker to show you documentation taken from the multiple listing service that tells you, on only CLOSED sales, in similar areas to yours, with similar numer of bedrooms/baths, etc., what the listing price was in 2006 and what the selling price was. that way you actively require yourself to LEARN why she advises you to bid in a certain fashion given neighborhood sales, recorded sales.

7. you need to know that today is a buyer's market of the hugest proportions! that is GREAT for you! i'll bet that if your buyer's agent shows you the comparable closed sales for 2004, 2005 AND 2006, you will easily see, based on time it took to sell a house, why it is a buyer's market.

8. require of yourself to choose only one agent that is loyal to you, advises you of market changes, will talk (you must give your lender permission) to your lender any time your financing is not clear as day to her, so she can really help you, and

9. require of yourself to NOT BE AFRAID.

i have personally seen people get so darned disappointed because one of the very first houses they saw was exactly what they both needed and wanted. however, since they felt like most first time buyers do, that they have not seen enough of what is out there, they do not make an offer and do not buy that house. each house is entirely unique, so, you are not going to find that one again, ever.

then, i've had a couple of clients that did listen to me about this and did buy the house they wanted and needed--one, it was the very first house she saw when we went out to see 4 in one day (but that's because i do creative counseling in real estate and i usually know exactly what house will fit them based on our earlier conferences, which is not normally how most agents work), and still live there, 15 - 20 years later, happy as larks.

10. since your agent will show you what was actually paid for some piece of property within the last year, do not worry that you are offering too much, and do not have "buyer's remourse." if you see that the houses in the area you can afford, as well as that area that you like, do in fact sell at close to 96% of what the listing price is, go in with a first offer of about 92%. expect that the seller will split the difference with you. then sign on the dotted.

gee, i have soooo many other requirements that a buyer should put upon herself, but this is getting to be a book as it is. i do not wish to inundate you. if you are truly serious about buying your first residence, do what it takes to buy it--do not just dream about it. i've never seen such a great buyer's market in my entire career nor did my former managing brokers ever speak to me about this type of market: it is very, very exceptional. do it. do it. do it.

if you need any other "requirements" that you should place upon your as a buyer, please write to me via this forum at the address provided.

HAPPY HOME TO YOU!!!