Talk with a loan officer or mortgage broker and ask to be "pre-qualified". They don't charge for this service. They will review your total financial picture and determine if and for what amount you might qualify to buy a house. If you are a member of a credit union, speak with someone there. The State Employees Credit Union previously did not have a minimum credit score required for a loan, but most loan sources have raised their requirements.
If your credit score is too low for a conventional loan, you still may be able to buy an owner-financed home, but make sure to get advice from a knowledable person so that you do not pay too much or take a loan on terms unfair to you. Banks, especially, smaller, local banks, will sometimes finance a foreclosed home they have in order to sell it. In this case you need to make sure the home is in good condition and really is worth what they are asking -- a home inspection is needed to make sure the house is sound and an independent appraisal might be a good idea.
A Realtor could help you with all of the concerns above. You can ask friends to recommend a realtor they enjoyed working with or attend some open houses and talk with the Realtor hosting them. Look for someone who seems knowledgeable and with whom you feel comfortable asking questions.
Lastly, consider other locations. Homes in Wilson can be much cheaper than in the Triangle and it is a pretty easy commute to Clayton from there. I know a person who lives in Clayton and works at BB&T in Wilson. You could do the reverse. Of course I don't understand why someone would pay more to live with all that traffic in the Triangle when they could live in Wilson! :)
Seriously, I could point you to a wonderful family home near Barton College that has 5 bedrooms, 2.5 baths and the owner is asking $99,000. It needs work, but I could point you to another house that has just been renovated in the historic district for $89,000 that has 5 bedrooms also.
I would love to show you what Wilson has to offer -- give me a call!
It is very simple---call your bank or call a mortgage broker. Explain your situation and they will first of all see what price range you qualify for, then they will recommend a realtor for you to work with. At that time, the realtor will have a very good idea what price range homes to be searching for.
Primelending, Mortgage LO
Call Leigh Holmes at 866-635-6414, option 2
Let her know that sent you. She will take care of you.
Direct: 602.321.2973 or Email: email@example.com
Buying a home is an exciting adventure, so congratulations on embarking on the journey. Levi is exactly right in that your first step should be to talk with one if not more mortgage lenders. If you are already working with a real estate agent, then they can usually recommend someone whom they have done business with. If you are not working with a real estate agent, then as a Realtor, I would strongly recommend you reach out to one. They can help simplify the whole process of buying your first home, especially where your time limit to participate in the First Time Home Buyer's Tax Credit is quickly coming to an end. Please feel free to contact me directly through my profile, (we are not allowed to post contact information here), and I would love to assist you. I specialize with first time home buyers and I and my team are top sales award winners for the area.
Kelly R. Smith
Triangle Smith Team
Have a great weekend!
Levi Stubbs, Realtor - N.A.R. Certified in Short Sales -
Paradigm Realty Group, LLC http://www.LeviStubbsRealEstate.com