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If anyone can give some general tips/answers to the questions below, or the questions not even asked, it would be appreciated.:

What are some details about the home that make it a good investment?

What kind of loans should I be looking into? What if I don’t have 20% up front, can I still buy a home?

How did your first experience go?

2 Thoughts on Tips for first time home buyers?
  1. Reply
    Choot
    July 17, 2011 at 10:20 pm

    You should get your credit report and your credit score. This is what lenders look at to see what type of loan you qualify for. Money is tight right now so don’t be surprised if you get turned down a lot. If your score is in the 700 range you stand a good chance of getting a loan. If you don’t have 20% down, see if you can pay 10% or 5%. The more you put down the less you have to finance. As far as Home Value that is kind of subjective. Value is typically based on square footage, condition and type of roof, acreage, type of a/c and heating, good location. That type of thing.

  2. Reply
    PlNk pEaRlS
    July 17, 2011 at 11:12 pm

    LOCATION, location, location! Is the home in a good neighborhood? Is it near a creek/pond (which could flood)? Have you checked the national sex offender registry (www.familywatchdog.us)? Your realtor can check recent home sales in the area to see if you’re getting a good deal. And think of yourself as the seller, not just the buyer, b/c one day you will sell it. Does it have potential?

    If you make less than $ 69K (combined family income) and the house you want is less than $ 249,999, and you have good-excellent credit, you could qualify for a FHA loan.

    I don’t know of anyone who has 20% up front for their first house. After January 1, 2009, you’ll have to put 3.5% down, BUT you can calculate that into the loan & do 100% financing (if you qualify).

    My husband and I are in the process of buying our first home as well. This is what the mortgage broker told us. I’d recommend using Suntrust b/c their loans are all backed & they rarely have a “hiccup” in the process. A good mortgage broker can explain all the rest (what types of loans you should look at). They need:

    -your debt to income ratio to be less than 40%-ish
    -your w2’s and taxes for the last 3 years
    -your credit score
    -bank statements for 2 months
    and a lot more.

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