Home Buying in 75228>Question Details

Arthur, Home Buyer in Dallas, TX

How do you begin the process of buying a home?

Asked by Arthur, Dallas, TX Sat Apr 6, 2013

We've decided renting isn't good for us. We're a new couple make around 47000 a year at least, together looking to purchase a 25000 home. Should we even try?

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Answers

15
HelpUBuy America’s answer
Best place to start is to hire an Exclusive Buyer Agent to represent you. EBAs represent home buyers only, and work to get you the best price and most favorable terms. You can go to NAEBA.org for a referral to an EBA in your area.

There is a book on Amaon called a"Buying a Home: Don't Let Them Make a Monkey Out of You". It will be the best $6 you've ever spent.

Best of luck!
0 votes Thank Flag Link Wed Apr 10, 2013
DALLAS HOME BUYER DUE DILIGENCE LINKS ..
.
Dallas Comparative Market Analysis ..
.
FREE on request at http://www.ebuyeragents.com
0 votes Thank Flag Link Tue Jul 16, 2013
Wow! You sure did get quite a few really good responses to your question already. The first step I would suggest you take is find a Realtor you feel comfortable with, and talk to them personally. Let them give you a step by step run thru of the home buying process, help you find a good loan officer, and figure out what you can afford. Then they can start showing you examples of whats on the market right now in your price range and preferred areas. You should ALWAYS try, you never know what you can do if you don't try to do it! If you haven't found a Realtor yet, I'd be happy to help you, just give me a call or shoot me an email. Good Luck!

Thanks,

Monica Pineda - REALTOR®
VIP Realty | Real Estate Consultants
The Premier Firm in Real Estate
Direct: (469) 348-4113
monica@viprealtyinfo.com
0 votes Thank Flag Link Tue Apr 9, 2013
Good Morning Arthur,

I definitely feel you should try! Interest rates are still low and $25K is a great down payment. I would highly recommend that you contact a few lenders to shop and compare. No two lenders are alike. I would be more than happy to earn your business and assist you two on purchasing your first home. I can also recommend some great lenders that would be happy to assist you on get pre-approved. Please feel free to contact me at your convenience. I look forward to hearing from you!

Make it a Great Day!

Tamika A. Goree
Broker | Owner
The DFW Property Shop
Cell: 972.697.1178
Fax: 972.665.7148
Email: tamika.goree21@gmail.com
0 votes Thank Flag Link Mon Apr 8, 2013
$25k is a good down payment. A great place to start. Very few areas in the country can you buy a house entirely for that price and where you can you get what you pay for.
There are programs available for first time home buyers that require minimum down you may want to consider.
There is plenty of assistance available. Get pre-approved by a mortgage broker who can suggest a reasonable mortgage for you and then find yourself a good local agent to help you through your purchase.
0 votes Thank Flag Link Sun Apr 7, 2013
Arthur,
Why don't you find someone who can offer you owner financing? I love 75228.
- Dallas Native
0 votes Thank Flag Link Sun Apr 7, 2013
$25,000 won't get you much of a house, although some townhouses are near that range but they have rather high monthly association fees.

Most lenders limit their loans to $50k or more and many require even higher. It just isn't worth the hassle imposed by Dodd-Frank to pursue small loans and if it were the interest rate would be so high that it might hit the 10% limit from OCCC.

You'll need a down payment unless you can get a VA loan or use the state's TDHCA program (at a higher interest rate). Count on having at least 5% of the purchase price for minimum down payment plus other closing costs.

If you have been working for 2 years and can prove your income, you should qualify for a loan of up to $200k with little down, provided your credit history is acceptable.

You can read our suggested steps in Buying a Home to get a better idea of the whole process http://www.Rowlett-Realty.com/for-sale/dallas-homes/ by reading the left sidebar. Plenty of other opinions are around.
0 votes Thank Flag Link Sun Apr 7, 2013
Dear Arthur,


I have a great program for first time home buyers.Just visit my web site at http://www.aatrealty.com/ you will be surprised. For a limited time, I am offering up to %70 of my commission as a rebate to the home buyers. you can use this rebate as your down payment.

TORANG NAZMI
☎ 972-897-5718
http://www.aatrealty.com/
Broker / Owner of AATRealty
0 votes Thank Flag Link Sun Apr 7, 2013
Pray. Check Your Credit & Credit Scores.
then see Home Buyer Due Diligence Links
at http://www.ebuyeragents.com
see Texas Disclosure Brokerage Services
see Exclusive Buyer Agents
see Mortgage Loan Info
get a Loan Pre-Qualification
0 votes Thank Flag Link Sat Apr 6, 2013
You will need to find out what you can afford, a lender can assist with this. Find out if there are any special programs available for first time buyers.

Speak with a Real estate agent to discuss your needs and get an overview of the buying process.

I hope you will be successful in finding a home.
0 votes Thank Flag Link Sat Apr 6, 2013
Going shopping for a home you must get mortgage first. It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. Shopping for a mortgage will also help if you can get “pre-approved” for the amount you’d like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because there’s less risk the deal won’t go through. First, you’ll find out how much you can borrow, which has a lot to do with how much house you can buy.

Whether you’re, buying, or building your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate Real Estate financing advice. Already working with another Lender get my top 25 Questions that you should ask the Lender for FREE along with FREE competitive pricing and analysis based on the exact same mortgage and 2 others that you can qualify for. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives.

Ensuring that you make the right choice for you and your family is my ultimate goal, and I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and expert advice.

I look forward to working with you!

Lowell Sterling
Mortgage Banker
NMLS# 968898
LSterling@englending.com
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
0 votes Thank Flag Link Sat Apr 6, 2013
Yes, now is the time to try. Our company does a downpayment assistance through TSAHC.org that will give you 5% toward downpayment and closing costs.
The first step in buying a house is to talk to a lender (ME!) and we will figure out a game plan for you and how much house you can afford. Once we get you a pre-approval letter for up to a certain amount, then it is time to find a realtor. Typically, the minimum loan amount is $50,000, but even at that price point, I can show you how you would be in better financial shape than you would be renting. I am available on the weekends to discuss any mortgage-related questions you may have 972-854-3270.
0 votes Thank Flag Link Sat Apr 6, 2013
I would probably wait until you can save more money or make more.
It will be very difficult to find a $25,000 home to finance. You would need to pay cash.
So not sure that's what you have in mind.

Typically for financing the minimum loan is about $50,000 so you would want to target about $55,000 purchase price or more.

How did you come up with the $25000 number?

I'm guessing you can probably afford more, but we need to get you with a loan officer to check.
0 votes Thank Flag Link Sat Apr 6, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Hi Arthur,

I recommend that you contact lender first to get pre approval first and then go from there. Let me know if you would like a good loan officer referal.

Thanks
Mila
469 324 6344
0 votes Thank Flag Link Sat Apr 6, 2013
I am hoping you left a 0 off of that price or you are in trouble.
0 votes Thank Flag Link Sat Apr 6, 2013
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