2007-03-28 10:36:41 · 6 answers · asked by Sierra B 1 in Business & Finance ➔ Renting & Real Estate
best thing for you to do is get pre qualifed for the home
But before you do figure how much you want your payment to be and if you have any money to put down on a home these will help you determine what you really want.
If you dont do these things you will be house poor
2007-03-28 10:47:46 · answer #1 · answered by James S 2 · 0⤊ 0⤋
The first step to buying a house, first or otherwise, is to find a real estate agent you can trust and have them pre-qualify you for a loan. This determines how much you can afford and an estimated interest rate, it is not the final approval. Knowing this, you can look at houses in that price range in areas that you want to live in. It will save a lot of time and heartache later when you find out that you can't get a loan for your dream house.
To help yourself get the best loan, don't apply for any credit for several months before you decide it is time to buy. Start saving as much as you can for a down payment. There are no down loans available, but you will get a better rate if you have something invested in the house.
2007-03-28 10:48:14 · answer #2 · answered by Brian G 6 · 0⤊ 0⤋
Use these simple things to determne if you CAN buy. MOST IMPORTANT - What's your credit score? (You can easily access that online at freecreditreport.com or just ask a lender). What's your monthly income? What are your monthly bills? You can use all this to determine your price range and a loan officer can then go over loan programs and which one would work best for you. There are many first time home buyer programs.
Of course it will get more technical thanthis, but If you have good credit, at least 2 year job history, pay your bills on time, and some money to sit in the bank and "season", you should be fine.
2007-03-28 20:55:57 · answer #3 · answered by CJ 3 · 0⤊ 0⤋
Start looking for a home that u like and can afford in papers, internet, ect. Contact the real estate agent and take a look at the home. Tell the agent what type of house u are looking for and what price range and area it has to be in. The agent might show u all of the houses that they have that should be good for u, and u might want to buy one of them!
2007-04-01 03:44:09 · answer #4 · answered by Jacqueline K 2 · 0⤊ 0⤋
Listen to The Dave and J Show. It is the best mortgage/real estate show out there. You can listen to it on the web at www.daveandj.com or on iTunes. These guys are awesome!!!
You can also email them and they will answer you questions on the air. info@daveandj.com
They cover all the things first time home buyers need to know and help you get what you want. They give you tips on what to look for in an loan officer and real estate agent and they keep you up to date on the current market conditions. Go check them out.
Good luck on your first purchase.
Justin Lair
2007-03-31 19:57:08 · answer #5 · answered by Justin Lair 2 · 0⤊ 0⤋
1) Have your credit checked.
2) Prove Assests and Income.
Any decent Mortgage professional can do this, but.... I provide a program for 97% loan to value on up to 4 units with a 475 credit score. This is guaranteed. Without and without a co-signer. Best part: the max rate is 7.25% with no pre-payment penalty and fixed for 30years.
Where you live will affect your loan amount on the type of home.
Example: Max Loans; $362K for a 1 family home in CT or $697K for a 4 family in
2007-03-28 10:53:15 · answer #6 · answered by asajous 2 · 0⤊ 1⤋