i want to buy my first home but i dont know where to start?

Question

im in the military and i found the home of my dreams online.. my family found it and its a really good price.. they already looked at it for me and my stepdad is an appraiser so i know its a great house... but the thing is i dont know where to start.. im in iraq .. i know i need a loan... i just dont know where to begin...wondering if i could do it all online.. thanks for your help

Answer 1

First, thank you for serving. Since you step dad is in the real estate business he can help out while you are overseas. If your military commitment is almost complete, and you have a idea of where you wish to live after you re-enter civilian life, contact a lender in that area regarding preapproval. Then find a house that fits your loan qualifications as well as your monthly budget. Contact a Realtor once you are again in CONUS and start your house hunting. If you are staying in the military, you might want to consider not buying a property at this time. You don't want to become a landlord on your house just because you got new orders.

Answer 2

Hi Tuckholly! Simply put: Step#1 - preapproval for a mortgage, Step #2 - writing an offer, Step #3 closing.

You can probably have your folks send you lender information about loan programs etc. Pick the one you think has a program that will work for you. Fill out the application for preapproval. Once you have the commitment letter, you are ready to write an offer on a home.

What about a Realtor? Do you have someone you trust? Maybe your folks can help you with that as well. Or if you plan to be home soon, then you can handle that yourself. But you need someone who is working for your best interests, and can provide expertise and experience to you. Once you've made the offer and it's accepted, your agent will schedule the closing. If you aren't back for the closing, you could appoint your mom as "Power of attorney" to sign the documents for you. Make sure it is a limited "power of attorney" specifically for this one time transaction. It's not that you can't trust mom, it's just in your best interests.

Then when you come home, you have one to come to! I wish I could help you with this. I would give me an opportunity to say thank you for what you're doing in Iraq and for buying a home! Best of Luck! If I can help further email; [e-mail]

Answer 3

First , ask 3 lenders for pre-qual letters .
They are free , they do the number work up about how much home loan you can qualify for and what their rates will be .
( like bank , credit union and an independent lender )
Each one may offer different loans and rates .
Ask for 30 year fixed for comparisons .
Tell them you do NOT want an ARM (product of the devil which has left thousands homeless) .

Prepare to put 20% down or else you will have to pay Private Mortgage Insurance ( PMI ) in addition to the principal , interest , taxes , & house insurance (PITI) .
And PMI can be a couple of extra hundred dollars per month .

Good Luck !

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Answer 4

Hi,

Checkout http://homefunding.consumerplanet.info for finding low interest housing loans to suit your budget and own a dream home. Good luck!