Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
*If you thought my answer was helpful, please give me a â€œThumbs Upâ€ or â€œBest Answer.â€ Thanks!
Shristhi and I wanted to follow up with you - did you find your first home? Are you working with a Lender? Do you have a realtor? Do you have any real estate questions?
We're here to help - either way?
Chris & Shris Dudley
Long & Foster, Realtors
Licensed in DC, MD & VA
Office #: (703) 556-8600
Office Address: 8227 Old Courthouse Road, Tysons Corner, VA 22182
Chris Cell: (202) 297-3047
Shris Cell: (301) 655-1521
I will start with your second question in first - I really think that being the FTHB your Realtor should focus on finding you something which keeps you under the Jumbo limit of $417K (as interest rate may also differ if your loan amount is higher than $417,000), even with a purchase price of $450K puts you higher on the loan amount. Of course, you can have a gift from a family member and use it for your down payment and/or closing cost as long as your brother (or person giving out gift) has sufficient funds in their account(s) to show that they can afford to give away gift money. And YES!! I will definitely go for conventional financing over FHA due to FHA upfront mortgage insurance fee and higher PMI. However, even in conv. loan with 5% down you will still face PMI but it's slightly lower. You can also get rid of the PMI completely by paying an upfront fee for the life of the loan, that brings your monthly payments to a lower amount - what else can be better!! RIGTH??
We have helped many first time home buyers and would love to help you too!! My initial meeting with FTHB explains the process which help my First Time Home Buyers make the right decision and have the correct approach with finding their first home.
I am doing a "First Time Home Buyer Seminar" next month - let me know if you'd like to register (or if you want to make the move earlier, I can surely set up a one on one meeting with you).
Last but not least, It's absolutely a great market to buy your first home with great interest rates and home prices on a steady incline.
Hope this information is helpful to you!!
Faiza Alvi - RealtorÂ®
Prince William Realty, Inc.
MILLION DOLLAR CLUB - PWAR 2011
Real Estate is about building relationships
& serving clients with honesty, integrity & passion.
Please don't hesitate to contact me and I'll send you the list. Thank you.
Best regards, Sherry
Considering I would go for Conventional 5% down payment loan... and I dont want to go beyond Jumbo loan limit of $417,000... Now if a house costs $500,000 and I have my own funds for 5% downpayment.. Can I take the remainder of the money required for downpayment as gift from my brother.
Keller Williams Capital Properties
Congratulations on your purchase to be. That's great! Most likely the conventional financing with 5% down is the way to go. I can give you the names of several trusted lenders, all are very knowledgeable, friendly, easy to work with and will get you to closing on time. I'm happy to send you the names.
I would be glad to help you as well if you're in need of a real estate professional. My office is in Fairfax, I live in Reston and have sold several properties in Herndon. I have helped many first time buyers find a new home and will be glad to work for you to find just the right place. Call or email anytime for questions or additional information.
Please check out my website, http://www.RestonViennaHomes.com for easy and accurate property searching. Thank you.
All the best, Sherry
I am happy to help in anyway. I am a Top Lender in the Reston / Herndon area.
In fact, my office is in Reston. My team is in the Top 1% Nationwide.
I can do 5% down with (3) different structures. Most lenders can only offer 1-2 types.
You can call me at 703-568-3749 at anytime.
My site is http://www.DCmortgageSource.com
A good, competent lender can help you best.
First Porfolio Mortgage
If I can help with anything at all during your search, I'd consider it a privilege. I lived in Herndon for 7 years, my office is in Reston, VA.
All my best,
Keller Williams Realty