Home Buying in Cheektowaga>Question Details

Thauerc, Home Buyer in Orchard Park, NY

First time home buyer

Asked by Thauerc, Orchard Park, NY Sun Feb 26, 2012

I am a first time home buyer. Income is 70000/yr, credit score 633 husbands is 640, down payment of 3000. Just trying to understand what my chances are. Looking or a house in cleve hill area. We have 6000 saved but figure the other 3000 for closing? Where do we begin and how can we find any assistance/ programs for first time buyers (that do not take a long time to complete)

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Well, most people start with the mortgage lender, or a loan officer they are familiar with. If you contact your financial institution, they should be able to put you in touch with a loan officer. However, I would suggest a Mortgage Lender who can shop loans for you. A normal credit requirement of 620-640 is usually required to be eligible for a home loan. Try to make sure their are no Outstanding Judgements on your report, as they will probably make you ineligible. Good Luck with the process, and if you have any questions I'd be happy to help.
0 votes Thank Flag Link Mon Oct 14, 2013
In today's market, there are many great buys and exceptionally low interest rates and assistance programs for first time homebuyers. Please consider the following before getting started.

◦Home buying doesn’t begin with home searching; it begins with a mortgage pre-approval. Often, first-time home buyers fear getting pre-approved because they’re afraid the lender may tell them they do not qualify for a mortgage or they qualify for a loan smaller than expected. However, by getting preapproved, buyers will make a financial decision rather than an emotional one.

â—¦Another mistake first-time home buyers make is not thinking of a house as a long-term commitment. If a buyer may have to switch jobs in a year or two and may have to move for the job, they should think twice about buying a house. Ideally, buyers should picture themselves living in the house for five to seven years.

â—¦Some first-time buyers make the mistake of spending all of their savings on the down payment and closing costs, and for some coming up with a 20 percent down payment to avoid paying for mortgage insurance. However, most real estate experts advise against this because the borrower will be left with no savings at all for home repairs and other unexpected expenses.

Hope you find this helpful. By following these simple steps, it can make your first time homebuying experience a great success!
0 votes Thank Flag Link Sun Feb 26, 2012
Like everyone is saying here I would talk to a lender first and they should be able to let you know about assistance programs in your area and what you will qualify for. As far as having the other $3000.00 for closing costs a lot of buyers ask the seller to pay for some of their closing costs.
0 votes Thank Flag Link Sun Feb 26, 2012
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously; therefore for a personalized answe regarding qualification, how much, how much down, etc., do visit with any licensed loan officer.
0 votes Thank Flag Link Sun Feb 26, 2012
The first thing we should do is verify your credit scores and pre-qualify you for a mortgage and subsequent home purchase. If the scores you pulled were from a free credit check, I would strongly advise you to call me right away so that I can verify your scores from all three bureaus in a merged report. It is not unusual to see better scores when pulled through an available reporting service to a mortgage professional such as myself versus those pulled on your own behalf.

If your scores are accurate, you would be right on the edge for qualification purposes. Generally speaking, most lenders will only consider scores down to 640 with the occasional exception down to 620. As a result, I am concerned that we may not be able to use your husband's credit history or income.

There are also other tools available such as seller concessions that would allow you to use the money you have for down payment, and cover most or all of your closing costs with the concession.

The only way to know for sure if you can proceed would be to discuss this during a short phone call or meeting. Please give me a call at your earliest convenience to discuss some options and a plan for action.

Ron Fronckowiak
Licensed Mortgage Professional
R & R Funding, Inc.
P: 716-685-9696
Web Reference: http://www.RandRFunding.com
0 votes Thank Flag Link Sun Feb 26, 2012
You need to speak with a mortgage professional and learn all your options. I use Rich Sciascia at Wells Fargo 631-273-2273. I've found him very informative and knowledgeable, if he doesn't cover your area I'm sure he can recommend someone.
0 votes Thank Flag Link Sun Feb 26, 2012
The best first step would be to set up an appoinment to come into my office. We wll review all of the differnt mortgage options and set you up with a lender, who has a program that will be best suited to you. Those programs are so numerous it is best sitting down with pen and paper and layin out your options, I am just down the road from you in East Aurora, and know the Cleve Hill Area well, and would be happy to help. my website is c21jerry.com and phone number is 716-864-7863 direct
Web Reference: http://www.c21jerry.com
0 votes Thank Flag Link Sun Feb 26, 2012
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