Home Buying in Frisco>Question Details

Gina, Renter in Plano, TX

Early stages of buying a home. Not sure where to start?

Asked by Gina, Plano, TX Wed Apr 24, 2013

How much down payment will I need? Who to contact first?

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Answers

14
Hi Gina,

Contact a lender first. They will be able to see what you qualify for. Also, sellers will want you to submit your pre-approval letter with your offers. Once you have your financing set up, contact a local Realtor to assist you in your purchase. The Realtor's commission is usually paid by the seller so this should not cost you anything.

Good luck.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
1 vote Thank Flag Link Wed Apr 24, 2013
Gina,
You need to start this process by choosing a real estate professional. Choose someone that really cares. The way I get to know a client is to sit down before doing anything and let them tell me what they see in their home. How they will use it, i.e. entertaining, etc. How they use the rooms. Who will be living there with them, if anyone. The point here is, if someone doesn't take the time to get to know you, they can't possibly know what you would like. Make a good connection with the agent or move on.

Getting you in touch with a great Mortgage Lender is definitely the next step. The agent will have someone they have a history with, we won't use someone if we can't depend on them. Through a simple process they will be able to tell you what you can comfortably afford. And you want to know that because who likes looking at things they can't possibly have? Even if you have a problem in your credit history a good lender will help you with getting a plan together to clear it up. Hey, that's also a stress eliminator, right?

You are already doing the first big thing, that's to begin asking questions.

Good luck on your home hunting. If you need help-I'm here!
jen@jensellsdallas.com
0 votes Thank Flag Link Thu Jun 13, 2013
Lowest down payment I know of would be 3.5% ...don't forget about closing costs. You should have 10% in the bank - unless you find a seller who will pay closing costs.
0 votes Thank Flag Link Wed Apr 24, 2013
There are several things you need to do to get ready to buy a house. Choosing a realtor to represent you along with a mortgage professional is a great place to start. I have added a link to a video I share with all of my buyers, 10 steps to buying a home. I hope this helps you.

Good Luck,
Tom
0 votes Thank Flag Link Wed Apr 24, 2013
Gina,

Welcome to Texas.
The very first thing we want to do is get you with a loan officer to get prequalified for a loan.
Feel free to drop me a line and we'll get you started.

Then once you know all the details like down payment, interest rates, payment, etc, we can start shopping.
0 votes Thank Flag Link Wed Apr 24, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Gina,

Before looking at properties you need to get pre-approved (not pre-qualified) by a lender of your choosing. Most sellers won't look at an offer unless they know you can get a loan.

You may want to check out http://www.naca.com, my program does not require a down payment, closing costs, or perfect credit. Today's rate is 3.25% on a 30-year fixed, our only product. The only limit is the purchase price, $235,600 in DFW.

Contact me with questions.


John Lyng
Mortgage Counselor-NMLS 280951
JLyng@NACA.com
0 votes Thank Flag Link Wed Apr 24, 2013
Hi Gina,
I would suggest speaking with a loan officer about a mortgage first to see what is the best price range for you. It is best to have a pre-qualification or pre-approval letter from a lender so when you are ready to make an offer, you can submit that with your offer as proof of your ability to pay for the home. This makes your contract more solid than ones from buyers that haven't spoken to a lender. You can also discuss with the lender the amount of down payment that is right for you and your budget.
Feel free to contact me directly and I can give you some lender references and answer any other questions that you may have.
Looking forward to hearing from you.
Linda McCullough
214-676-0331
lindamccullough@ebby.com
0 votes Thank Flag Link Wed Apr 24, 2013
Gina,

The first step in buying a home is getting in touch with a mortgage lender. The amount of money you will need for a down payment all depend on which loan you want and can qualify for. A FHA loan requires a minimum of 3.5% down, which is the most common loan for new home buyers. You also have the option of a USDA loan which you can get for $0 down, but it only applies to specific areas. USDA loan does not apply for Frisco, but if you are open to other areas such as Little Elm (only will apply for USDA until September of this year), Celina, Prosper, Savannah, Providence, Aubrey, ect. You also need to find the right real estate agent to assist you in the steps and processes of home buying to make it easier on you, which is at no cost to you. If you would like more information or help finding a home, I would be more than happy to help! I also have a few good lender recommendations if you need one. Feel free to contact me anytime!

Kristin Sohn
RE/MA X Performance Group
214.250.0433
kristinsohn@remax.net
http://www.kristinsohn.remaxtexas.com
0 votes Thank Flag Link Wed Apr 24, 2013
Contact Sonny Moyers 469-261-5715 or email Sonny@SonnyMoyers.com with Ebby Halliday Realtors. Over 30 years of experience, top group leader at Ebby Halliday Realtors. Excellent counseling for First Time Home Buyers.
0 votes Thank Flag Link Wed Apr 24, 2013
Hi Gina,

You will need to contact a lender to find out how much you would qualify for. Then you can start searching for a home in the amount that you qualify for.

I have lenders that I work with for quite some time and they will be able to help and guide you so you can determine the best loan that suits you. I can also email you properties that are in your search criteria. I have helped many first time home buyers purchase their property and I'd be happy to help you. My service is free to you and my job is to be your source of knowledge and also to guide you every step of the way. Feel free to call me at 469-371-2899.

Take care,
Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Wed Apr 24, 2013
Gina, you'll want to contact a lender to understand what you'll need for downpayment. I work with some of the best and would be happy to recommend several to you.

Andrea Brooks
469-450-1326
0 votes Thank Flag Link Wed Apr 24, 2013
They are both correct.

We have a guy in our office who works for a mortgage company and I would be glad to send him your information if you would like, so you can know exactly how much house you can afford.


I can also set you up in my system to get updates as soon as what you are looking for becomes available on the market!

Let me know,

(214) 686-1507
andrew.smith@coldwellbanker.com
Web Reference: http://ajsmith.cbapex.com
0 votes Thank Flag Link Wed Apr 24, 2013
Hello Gina,
I am a First Time Home Buyer specialist and have helped many home buyers like you to purchase their dream home here in Frisco, Plano area. I will help you every step of the way from obtaining a loan till closing and beyond. Please give me a call so we can meet this weekend.
Web Reference: http://www.shilahomes.com
0 votes Thank Flag Link Wed Apr 24, 2013
Gina is absolutely right. I have been a realtor here in the Plano area for over ten years. Houses are going fast in our area and you will need a pre-approval letter to submit any offer.

I can refer you to several local lenders to assist you in getting pre-qualified and I can also send you a detailed property list matching what you are looking for.

Let me know how I can help.

Sherry M. Cabrera, Realtor®
6900 N. Dallas Parkway, Suite 110
Plano, Texas 75024

Direct: 214-454-6969
Fax: 972-461-0473
E-Mail: sherrycabrerarealtors@gmail.com
http://www.sherrycabrera.com

A Private Label Realty Company
0 votes Thank Flag Link Wed Apr 24, 2013
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