Home Buying in Phoenix>Question Details

Zoe Johnson, Home Buyer in Phoenix, AZ

Buying our first home

Asked by Zoe Johnson, Phoenix, AZ Mon Jun 4, 2012

I've got a credit score of 644 according to experian. I make 50k a year. My husband makes more, but is in the process of getting his green card (moving from London). We're looking to put 30-35k down on a home in phoenix...glendale...peoria, any of those areas we're happy with. I've recently completed a debt consolidation program, my debt % is 6% (again according to experian).
I'm assuming I'll need to apply for a loan without him as his income will be N/A once he's in the states. My question is...where do I start? Is it worth trying to get approved with my credit as is? We'd like to buy ASAP. Thanks!

Help the community by answering this question:



Yes! It is definitely worth getting preapproved. Getting preapproved is always one of the best places to start. It is easy and I would happy to help you get approved.

I work with zip codes you have mentioned and would be happy to help you find your first home. The homes in this area tend to go quickly so you are on the right track by starting early.

Please feel free to call me to discuss your realestate needs further.

I will look forward to hearing from you.

Thank you,

Stan Chernecki
Devstar Realty
(602) 524-4787

"Over 30 years in the business."
0 votes Thank Flag Link Mon Jun 11, 2012
Loans are much harder to get than in prior years. You should start with a lender and see what they recommend. Good luck!
0 votes Thank Flag Link Tue Jun 5, 2012
Yes it is worth getting pre-approved and really the best way to go. Find a great banker/Broker that has products available from multiple sources to find the best loan product for your situation. A good broker will be able to provide you tips to further improve your credit.

Thanks for the great question!
0 votes Thank Flag Link Tue Jun 5, 2012
You start by finding a REALTOR that can walk you through the process. Please remember that this is what we do day in and day out. And there is not cost for you when you hire a REALTOR. We are paid by the listing broker or seller.

I would recommend you interview a couple of REALTORS and choose one to work with.

The decision to use or not use your husband's income will be based on the specifics of your situation. We would need to get more information regarding your husband's relocation like, is he being offered a job here in the US? Does he have any established credit in the US? Some foreigners are able to establish credit before they even get their green card. Etc. Etc.

An option if we establish that we can't use his income and your income alone is not enough to qualify you for the house you want might be to find a seller that is willing to finance the purchase. In a seller financing transaction, you still get title to the property but instead of paying your mortgage to an established bank, you pay it to the seller. We can cross that bridge if we have to.

I hope this helps.

Jose Dias
0 votes Thank Flag Link Tue Jun 5, 2012
Good morning Zoe. Congrats on all your hard work. You have done many wise things in preparation to buy a home. You will find a wonderful series of articles on our web site that discuss the home buying process as well as numerous testimonials of our work.

We love helpIng people and would be honored to assist you as well.
0 votes Thank Flag Link Tue Jun 5, 2012
Zoe, Now is a great time to buy here in the Phoenix area. Getting pre-qualified first needs to be your first step, That way you know just how much house you can be looking at without getting disappointed, or overwhelmed in payments. I have a lender who can help you with that part.

I have lived in the Phoenix-Glendale-Peoria area for over 40 years --- This is a great place to live, I would really like the opportunity to help you find your new home. Call me 623-640-0488 or email me wrkn4u2@yahoo.com
0 votes Thank Flag Link Tue Jun 5, 2012
Hi Zoe,
I would be more than happy to refer you to a knowlegeable loan officer who can pre-qualify you for a loan; once you are prequalified you will know what price of home to look for. The next step is to find that dream home.
Grace Adewumi
Realty One Group
0 votes Thank Flag Link Tue Jun 5, 2012
This is a great time to buy a home in the Phoenix area. What are the criteria that you are looking for in your new home? I work with several lenders that I can refer you to that are excellent. They can review your scenario and go over the different options available. You can use a traditional lender or opt for seller finance. Feel free to contact me via text, email, or phone call anytime!
0 votes Thank Flag Link Mon Jun 4, 2012
HI Zoe,
I specialize in working with buyers and especially first time home buyers. I will sit down with you and your husband and explain the entire process to you and take you through every step along the way so you will not feel lost. If you need my help, please feel free to contact me.
Lorrie Feld
Keller Williams Integrity First
0 votes Thank Flag Link Mon Jun 4, 2012
Your first stop will be to talk to a lender, if your middle credit score is 640 you will be ok for an FHA loan
I work a lot with Nova Home loans a mortgage banker ( they fund the loans in house) and they have a credit advise department that they will analyze all your credit history and find the fastest and best option for you to qualify for a loan. You may also be able to use some of not all your husband income
If you want me to represent you and give you my loan officer information lease contact me any time , I have a lot of experience working with buyers from other countries .
Thank you
Denisa Kaporalis
Email Denisa.k@cox. net
0 votes Thank Flag Link Mon Jun 4, 2012
You should call a lender and let them give you the answers. They need to pull your credit anyway to give you a prequalification form to go with your contract. I would call Chuck Salai at Legacy Lending 602-769-6320. He's one of the best in the business and he will give you the answers yu need.
0 votes Thank Flag Link Mon Jun 4, 2012
Zoe, absolutely as until you get per-qualified you will not know. I work with several top lenders in town and will be happy to assist you in getting the qual letter.

You may contact me at my e-mail: milly@millycasas.com or by phone at 480-466-0264.

Please remember there has never been a better time to buy a home. Prices are still competitive and the interest rates for an FHA loan is under 4% with a 3.5% down payment.
0 votes Thank Flag Link Mon Jun 4, 2012
Hi Zoe Johnson:

Yes, it is worth trying to get approved now. You are going to get many emails from this forum from both realtors and lenders alike, wanting to work with you. Your first step should be finding both a lender and a realtor you can trust and enjoy working with. Please go to my LinkedIn profile and look over the recommendations there. LinkedIn: http://www.linkedin.com/in/billparkercpa

I will recommend Randy Bishop as the realtor. He has lived in the Valley all his life and taught high school for over 20 years in the Valley. Nice guy, who really listens to his/my clients and goes out and finds them what THEY want, not what he wants to sell them. 480-209-2383; RandyMBishop@yahoo.com.

The first step is to talk to your lender and determine not only for what amount of loan you qualify, but also to do an analysis of whether it makes sense to do a conventional or FHA loan. The conventional might be appropriate because you have a fairly large down payment, but the FHA might be better since you have relatively low credit scores (we won't just look at Experian, but all three to see what reality is).

Give Randy or myself a call and we can start the process to get you into your first home. I love working with first time home buyers, as it gives me a chance to teach them about the whole home lending process and you, as a group, tend to be more appreciative of the work that is being done on your behalf.

Bill Parker
0 votes Thank Flag Link Mon Jun 4, 2012
Hi Xoe

Here are three lender I sent clients Try them out.
Also you can search like I do at
Eric Rogers
Mortgage Consultant
V.I.P. Mortgage, Inc
Phone: 480-553-8484
Fax: 480-223-6392
Mobile: 602-430-3949

Dan Gardner
Home Point Mtg.

David Krushinsky
Senior Loan Officer
Ameri First
Direct --602-6957575

Stan Battersby
Realty USA Southwest
602+789-1178 Fax
0 votes Thank Flag Link Mon Jun 4, 2012
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