A first time buyer should consult with a Realtor. The Realtor will help you find a lender to prequalify your loan.

Paola Echeverri,
You have received excellent advice from the folks below. Dont get discouraged, and by all means ask the questions that you need to make a proper decision. You definitely need to get approved for a loan before househunting. Im a mortgage banker for a direct lender- meaning we fund and service our own loans. I would be very pleased to process your loan application and give you a good faith estimate of all of your costs. Feel free to call me anytime,

Frank Olguin
Mortgage Banker
AmericaHomeKey Inc.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
Folguin@americahomekey.com
Hablo Espanol
office 954-771-7715 x104
cell 561-386-9731
pfax 954-379-4469
Florida Mortgage Lender
No. ML0700325

WELL.. IT IS MY QUESTION.. SO I HAVE A COMMENT TO MAKE... I THINK THAT THE REASON WHY I AM INCLUDING MY BOYFRIEND IS BECAUSE WE ARE NOT CHILDREN ANYMORE, I AM 29 AND HE IS 45.. AND WE OR I BELIVE WE ARE JUST PAYING THE PRICE FROM OUR PAST, AND IN A SERIOUS NOTE I AM WILLING TO PUT HIM IN THE DEED BECAUSE WE HAVE TAKEN THE STEP IN DOING THIS TOGETHER SINCE THE MARKET IS GOOD, BUT YET HARD FOR US 1ST TIME BUYERS... I WENT AHEAD AND TRIED GETTING A LOAN FROM A CREDIT UNION AND THEY HAVE DENIED ME, EVEN AS DOING IT ON "MY OWN".. BUT OBVIOUSLY THEY ARE NOT GIVING IT TO ANYONE ALONE, UNLESS THEY MAKE 100'S OF THOUSANDS OF DOLLARS.... BUT WHERE CAN I FALL INTO PLAY AND MAKE MYSELF SERIOUS AND GET A LOAN?? WE REALLY WANT TO GET A HOME AND I JUST KEEP GETTING DENIED, AND TO TELL YOU THE TRUTH I AM STARTING TO GET BUMMED AND KIND OF JUST LOSING THE UMFFFF..... I GUESS I AM THE TYPE THAT WHEN I GET SOMETHING IN MY HEAD.. I WORK UNTIL I GET IT... AND I KNOW THIS IS NOT THE PLACE TO USE THAT, BECAUSE CHOOSING A HOME IS SERIOUS AND A BIG STEP, FOR THE NEXT 30 YEARS... SO, I APPRECIATE ALL YOUR ANSWERS AND AM WILLING TO WAIT, BUT I DON'T WANT TO MISS OUT ON ALL THE HOMES OUT THERE WAITING TO BE BOUGHT... I CANNOT AFFORD TOOOOO MUCH.. BUT I AM WILLING TO SACRIFIES SOME MANI AND PEDIS... FOR THE RIGHT HOME...
THANK YOU ALL FOR RESPONDING TO ME ON THE QUESTIONS...

Hi Paola, FHA does not have any income limits.

I suggest you get a couple of rate quotes first.
You can get a rate quote from me on my website: http://www.floridadreamloans.com
You can get my competitors quotes on http://www.zillow.com/mortgage

Don't worry to much about the rates but just make sure you don't pick someone that is way out of line. Make sure when you compare rates that they are done at the same time, as rates can change a few times a day. Also make sure that you are comparing the same program, if you picked 30 year fixed and 30 day lock then pick the same for all of them. Rates are lower for shorter loans. One more point on the rates, make sure they put some costs in there, some lenders on zillow don't list any closing costs, there will be closing costs.

Then you can fill out an application, I have an online application on my website: http://www.floridadreamloans.com/loanapplication
For the zillow quotes you will have to contact them individually.

Yes, you get an FHA loan by yourself. I would have to look at your income and know your credit scores to find out how much you can afford. (allong with some other details)

If you are a first time homebuyer you should look into the tax credit: http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet=6

I recommend You talk to some mortgage brokers like me instead of a bank, we can sort through a number of programs for you. We work for you not for the bank.

You can find some more info on http://www.hud.com and http://www.fha.gov

David Chamberlain
UMAX Mortgage
727-239-2188

No questions are dumb, they just help you become better informed. The only dumb questions are the ones never asked!
Yes, its very important to speak to a lender first. You might want to speak to a few different ones to see what they have to offer.
I highly recommend speaking to
Jim Agate at Circle Mortgage in Hollywood (has been doing this over 20 years) who is a direct lender (as opposed to a mortgage broker who shops your loan around). His cell is 954-562-2500 and email is jagate@circlemortgage.com
He is an expert at FHA mortgage and excellent with first time homebuyers.
You need to get an idea of your loan first before looking. You should know the price range that you are comfortable paying as well as what your monthly payments are.
Then you will be able to look at properties knowing what you can and cannot afford.
I am a native south floridian and I grew up in Hollywood, if you need help or have more questions, please give me a call at 954-347-7402.
Good luck!

I agree with all you've read. Certainly you should get loan pre-approval first. Otherwise you'll not be taken seriously by the realtor since many people do not end up with loan approvals at all.

Dr. John M. Ward, Broker
Keller-Williams Realty
Palmdale, CA 93536
661-860-9810

Hi Paola,

Your questions are not dumb - you simply haven't done this before. Don't worry - there are lots of people here who can help you.

You should definitely get pre-approved by a bank or mortgage broker first - that way you will know your price range. A bank or broker can also look at your options, and let you know if you are better off buying with or without your boyfriend. If his credit is bad, you will likely be better off qualifying on your own. A bank can also give you a rough idea of how much the mortgage payment would be for homes in different price ranges. FHA loans may be a good option for you whether buying on your own or not, and there are no income restrictions.

Once you have that part figured out, you should contact a realtor. As a first time home buyer, it would be good for your to have someone on your side, looking out for your best interests. A buyer's agent will not charge you a fee - they get paid by the seller.

Finally, if you are hoping to take advantage of the first time home buyer's tax credit, you should not delay. Many sales right now are taking months to close, and you don't want to miss the November 30th deadline to close on your purchase.

I enjoy working with first-time home buyers, and would be happy to discuss all of this further. Feel free to contact me at your earliest convenience. Thanks.

Diane Loveridge
Majestic Properties
(786) 210-3449
dloveridge@majesticproperties.com

HI Paola,
You should get a pre approval to see what you can afford and be comfortable with. You want to not only take into consideration the mortgage payment but taxes, insurance etc. You can make more then 30K a year to qualify for FHA and the down payment is 3.5% plus closing costs. Please feel free to call me with any questions and NO question is a dummy question!

Melissa Antenucci
Ameritrust Mortgage
561-417-9221

Hi Paola,
First you must go to a bank or mortgage broker. You do not know what to hunt for if you do not know the price range you can look at. That is a must, and I would say you will not be able to have your boyfrined on the loan, if he has bad credit it will greatly effect the rate you will get. FHA is fine by yourself, you will qualify if you do not make a large salary, but I am not a mortgage broker and every situation is different. You have to give the mortgage broker all of the infomation they request to come up with an amount you can afford to purchase.

And keep in mind, you will not be able to buy in a condo building if the building itself doesnot qualify for FHA financing, meaningit cannot have more that a10% of the units in forecolsure or more than 15% of the unit owners behind in maintenance.

If you need assistance and hav not found a realtor to help feel free to contact me.

Beth Jenkins
South Florida Brokers
786-374-4778

I would highly suggest that you have a preapproval if you are serious. It will give you an edge when househunting. Also, why would you buy something worth so much with someone that has bad credit? Especially if you aren't married? Don't do it, do yourself a favor and do this by yourself, and once you do don't put him on the deed.