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!
Monica Pineda - REALTORÂ®
VIP Realty | Real Estate Consultants
The Premier Firm in Real Estate
Direct: (469) 348-4113
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
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.
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.
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.
Broker / Owner of AATRealty
then see Home Buyer Due Diligence Links
see Texas Disclosure Brokerage Services
see Exclusive Buyer Agents
see Mortgage Loan Info
get a Loan Pre-Qualification
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.
Whether youâ€™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!
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
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.
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.