Below is a simple overview of the process.
When you find a property you need to find out certain things to not make an expensive mistake.
You will need a down payment. If you do not have one yet here is how to create one on your own.
Things to do if it will be quite awhile like a year or more before you buy a house.
Perhaps the blog below is most important. Does it really make more economic sense to rent or buy?
Use your numbers and find out. I might pay a little extra to buy a house over renting. But I would not pay a large amount as the numbers just work against your wallet doing so.
The purchase in Claremont currently start from 289k for 2bd 2ba condo and the single family homes start from 399k for 2bd 1ba home which is as low as $2,000 down payment from a minimum 580 fico score.
You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, home price, loan program and how much you want to invest into the down payment and closing costs.
You may qualify to buy FHA with fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
If my response was helpful, consider clicking Thank, Link or Best Answer.
Bottom line... Work with a reputable Agent that you feel is a good fit.
All the best,
Coldwell Banker Star Realty
BRE Lic #0145982
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
Now you can get a general idea of the price range of home you can purchase. You should talk to your friends and family to get the name of a good home loan professional and a good realtor in your area.
A lot of home buyers today are confused by all of the recent foreclosure generated chaos in the housing market. When you combine this with the explosion of information available on the internet, it's no surprise that most people don't know where to start. Here are three common misconceptions that buyers have these days about making sure that they're finding the "best deals."
1) Many people are simply confused by all of the conflicting information that they hear about all of the great deals that they're missing out on (mostly from pitchmen selling a service.)
Aside from courthouse auctions and 'for sale by owner' properties (FSBOs,) there are no special "deals' or sources for homes for sale that you have to 'find.' All properties whether they're short-sales, or bank-owned REOs, or just regular homes are simply for sale and consumers need to focus on shopping for the best deal based on price and features (not the type of sale that it is.)
2) People are confused because they don't know where to start searching. Do you go to Realtor.com, Trulia, Zillow (or one of the 7000 other sources clamoring to be clicked on?)
All homes 'listed' for sale on the internet originate on the MLS system (with the exception of FSBOs.) Data found on Realtor.com comes straight from the local MLS Boards, and new and expired listings are updated every 15 minutes. Big players like Trulia and others also do a pretty good job of publishing this information, but if you go straight to the source there's no need to cross check. On the subject of many of the smaller companies that offer 'complete' online listing info, I can't tell you how many times I've gotten a list of 5 properties to check out from a client who 'found' them online, and had four of them that were sold two months earlier. Consumers (and Realtors,) end up wasting an unbelievable amount of time on false leads.
3) Most people are so distracted by all of this noise that when they do find a home that they like (and is available,) they aren't prepared to make an offer because the don't have a real estate agent or professional loan officer helping them.
When people waste a lot of time trying to find a home by themsevelves on line, they're probably missing out on seeing a lot of the latest and best homes for sale, and don't take advantage of the professional assistance when looking for a home that seller ends up paying for anyway when they buy.
There are two other hazards to be aware of as well. You can lose the window of opportunity on a home by spending a few extra days lining up and agent and loan officer to represent you, especially with everyone trying to take advantage of the Federal Tax Incentives before they expire. Also, many people are tempted to let the listing agent handle both sides of the deal because they're not prepared and it seems convenient. This is called a dual agency in California and though many will disagree with me and say that it's perfectly legal (when done in conjuntion with a 'Conflict of Interest Advisory' disclosure,) I personally think it's a bad idea. You should always have your own representation in a big money deal.
Basically, If you want to buy a home.. get a good agent and a loan officer on your team first. Best of Luck.
I suggest you Learn what the home buying process involves, learn your rights and then interview Agents to select the Best one for you. It is your financial commitment/obligation and your responsibility to choose wisely.
Hud has an Excellent site/information for homebuyers and they suggest 9 steps...
1. Figure out how much you can afford
2. Know your rights
3. Shop for a loan
4. Learn about homebuying programs
5. Shop for a home
6. Make an offer
7. Get a home inspection
8. Shop for homeowners insurance
9. Sign papers
I would suggest reading through this information before making any decisions....You may learn of classes, free counseling/help that may lead to Financial assistance you are unaware of...Check it out
Also the site provide info on where to find all the Gov. Foreclosures/Properties for sale
The Banks also have sites where you can learn about their REO's and see their listings/properties for sale..
You can find links to those sites here...http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp ..
Also if you are interested you can find all the Current Gov. Loan Programs here on a site created by the Fed. Govt. for the public. You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program.