Financing in Allen>Question Details

Kd, Home Buyer in Allen, TX

I am curious to know what kind of changes have been made that make it harder for first time home buyers to

Asked by Kd, Allen, TX Fri Mar 14, 2008

get financing. I am looking to buy in August and I am a first time home buyer, so these statements are a little scary...

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KD,
Your best bet would be to speak with a mortgage broker now and have them give you the details. A good mortgage broker will counsel you on what you need to do to be ready in August. They can give you helpful information about your credit and how to gain a better interest rate. They can also tell you how much to save for a downpayment so that you can get the best loan program for your particular situation. There are also many good programs available for first-time homebuyers that involve down-payment assistance.

I would recommend that you contact Michael Regan at SMI Mortgage at 972-380-7251 and speak with him. He is a reliable, honest, mortgage broker and I highly recommend him.

Please feel free to contact me and I would be happy to set up a personalized home search for you that will email you home choices so that you can see what's available in your price range. I would be happy to do this for you for free, additionally I would be happy to assist you through the entire process and all of my services to you as a buyer are free.

Melissa Hailey
Coldwell Banker
214-418-0180
0 votes Thank Flag Link Sat Mar 15, 2008
Kd:
It sounds like you are getting everything lined up. Preperation, credit score. Find yourself Broker that you feel comfortable working with. One that gives you different options. I received an e-mail today from a bank that is giving $4,000 credit to first time home buyers. The only thing the home buyer must do is at some point in time pay $750.00 for closing costs. This broker is from Illinois. Here is her information- Paige Hughes
Citizens First National Bank
Mortgage Loan Originator
819 Warner Street
Hampshire, IL 60140
Cell: 815.766-0291
PH: 847.683.4444
FX: 847.683.4575
0 votes Thank Flag Link Sat Mar 15, 2008
I am a Dallas home mortgage loan officer, and Dallas real estate agent.

Your credit scores will drive that decision, purchasing a Dallas home for sale is a GREAT way to earn money over the years to come. We specialize in 1st time home buyers.

Contact our office for or visit our website, we look forward to working with you !
Lynn
972-699-9111
911@lynn911.com
http://www.lynn911.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Mar 15, 2008
Naima,


>>> "Many people that shouldn't have been approved for a loan in the first place were approved..."



I'm impressed with your candor.!


:^)
0 votes Thank Flag Link Sat Mar 15, 2008
It could potentially hurt both of you yes but underwriters look at the big picture. Was there a big gap of unemployment during the transition? Did you just change employers or are you at least in the same line of work? may be a big pay raise could justify the change? how is your DTI (debt to income) are you putting any money down? See, they really look at all this before they can approve you that is why you need to have a professional pull your credit and review with you your situation.

Naima
Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Fri Mar 14, 2008
so...would you expect it to be problematic if both my husband and I have had recent career changes? I have had steady employment, but his has been a little rocky until recently....just interested on your thoughts on that. Thanks.
0 votes Thank Flag Link Fri Mar 14, 2008
Excellent question Kd,

Many people that shouldn't have been approved for a loan in the first place were approved, and most of them by brokers not bankers. Those loan officers didn't act as "counselors" but just looked at the situation from an immediate situation.

Stricter guidelines exist now where borrowers cannot do easily a loan based on stated income only. They have to prove that they are receiving the income and where it's coming from and how long they've been getting it. This makes it more difficult on self-employed or people that don't report all their income.

It is a good idea to get approved for a loan now and know where you stand financially, even though you are not looking to purchase until August, and if there are any issues that need to be addressed, you will have plenty of time to take care of them before August.

I will be very happy to assist you in that matter as well as helping you find your perfect home.

Naima
214-289-8555
naima@sumner-realty.com
Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Fri Mar 14, 2008
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