Home Buying in Chicago>Question Details

Trulia Chica…, Other/Just Looking in Chicago, IL

How do you qualify as a first-time buyer?

Asked by Trulia Chicago, Chicago, IL Thu May 23, 2013

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16
First time buyers are qualified using their income debt and asset at the time.
Lenders will require 30 days recent pay stubs, 2 year tax returns, 3 month bank statement and permission to run your credit. They calculate your monthly debt and liabilities and allow a certain percentage of to be used for a mortgage payment.
1 vote Thank Flag Link Thu May 23, 2013
Usually lenders only request two months of bank statements but I'm sure there are those that ask for three. NOTE: Usually the automated underwriting tells us if a buyer is approved or not but if that's not available, a manual underwrite would be done and then specific ratios 31% for FHA for instance would need to be followed for a housing allowance
Flag Sat Jun 8, 2013
Ironically, the best answer here as of 6/8 was posted by a non Real Estate professional. :)
Flag Sat Jun 8, 2013
Have not owned a property within the last three years.


Josh Marks
773.303.0033
847.867.5998
JoshMarksMortgage.com
Jmarks@wintrustmortgage.com
0 votes Thank Flag Link Fri Jun 21, 2013
Hi,
Contact me lender to help you with all your lending needs. Thanks

Karlton Uhm, Senior Mortgage Banker

Peoples Home Equity, Inc 1801 S Meyers Rd, Ste 500 Oakbrook Terrace, IL 60181

E-Mail kuhm@peopleshomeequity.com
Direct (630) 225-7585
Cell (630) 865-9635
Fax (630) 812-1367
NMLS 186188
0 votes Thank Flag Link Thu Jun 20, 2013
There are many first time homebuyer down payment assistance programs. You are considered a first time home buyer if you have not owned a home in the past 3 years. We would check the last 3 years of tax returns to prove that there was no mortgage interest showing in the tax return. I would be happy to help qualify for down payment assistance. Joanna Weiss NMLS# 230092 773-327-3580
0 votes Thank Flag Link Thu Jun 13, 2013
*You do realize you...
Flag Thu Jun 13, 2013
You do realize ou pretty much said what I said in different words...
Flag Thu Jun 13, 2013
"Technically", a First-Time buyer is anyone who hasn't owned real estate in the past three tax years (this is the official definition according to most housing programs, especially state programs). There are some cases where someone may have a mortgage but may claim they're not a homeowner, the tax returns would be used to determine if they indeed claimed the property as their own in any of the previous three tax years.
Web Reference: http://RobWeber.com
0 votes Thank Flag Link Sat Jun 8, 2013
Good credit and good credit history. This is not the same. Good credit is paying on time and good credit history is having more than two credit cards and paying them off on time. Next have a good job and downpayment. Good luck and contact a mortgage broker .
0 votes Thank Flag Link Tue Jun 4, 2013
I would be happy to help you be pre-qulaified as a first time homebuyer. We have first time homebuyer down payment assistance programs. Joanna 773-327-3580
0 votes Thank Flag Link Thu May 30, 2013
By calling a Trulia approved Lender found on the "Mortgage" tab above.
Web Reference: http://www.GetSoldOKC.com
0 votes Thank Flag Link Thu May 30, 2013
Credit, Income, assets, liabilities

Josh Marks
JoshMarksMortgage.com
Jmarks@wintrustmortgage.com
cell: 847.867.5998
direct: 773.303.0033
0 votes Thank Flag Link Thu May 30, 2013
Employment, Credit & Down Payment
0 votes Thank Flag Link Wed May 29, 2013
First time buyer just means you have never owned a property before. Sit with a banker and get pre-qualified. You will need a credit score of 620 and or greater, 2 years of steady income.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
http://www.everlastingcredit.com
0 votes Thank Flag Link Tue May 28, 2013
step 1. Email me at jmichaels@remax.net to discuss
0 votes Thank Flag Link Fri May 24, 2013
It's the first property you buy.
0 votes Thank Flag Link Thu May 23, 2013
Dear Trulia Chicago.

Here are the steps I take for qualifying a first time homebuyer:

1) What is your current living situations, are you renting, or living with family? If so when is your lease up?

2) Have you been pre-approved by a lender so you know how much you can spend? If they have not been pre-approved for a loan I explain the importance of having the pre-approval. I refer to my trusted right hand Mary Kay Laurent with Guaranteed Rate at 773-516-6859 to get pre-approved.

3) I explained the importance of the commitment between client and broker.

4) Once they have been pr-approved we discuss what they are looking for in a new home and the neighborhoods they are considering. It is also time to go through the entire buying process from beginning ton end.

5) I explain what to look for in showing and that they should look in every room. I also let me clients know if we walk into a property and they immediately feel it is wrong for them not to fee badly for cutting the showing of that property short.
0 votes Thank Flag Link Thu May 23, 2013
can you meet me in my office to get started? yes- they are qualified No - they are not
0 votes Thank Flag Link Thu May 23, 2013
Contact a local lender in your area and ask if they have any special programs for down payment assistance in your area. We do here in Virginia.
0 votes Thank Flag Link Thu May 23, 2013
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