Home Buying in Oklahoma City>Question Details

rbtaffe, Home Buyer in Norman, OK

I am a first time buyer. Where should I begin??

Asked by rbtaffe, Norman, OK Sun Apr 21, 2013

I am looking to purchase in the Moore/Norman area. I have some money for a down payment, but I would like to look into down payment assistance. I have also heard that there are some special programs for teachers. I have good credit, but I'm just not sure where to begin.

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As others have said, your first thing should be to hire a great agent that works in the area you are looking in. The rest will be easy as mac and cheese.
1 vote Thank Flag Link Sun Apr 21, 2013
Hello. You will first want to find a real estate professional to work with. Then you will need to get pre-approved for an amount with a lender. Your Realtor should have a few lenders they can put you in contact with. There are down payment assitance available and you are correct there are a couple special programs for teachers. OHFA has one that my wife and I used to buy our first home (my wife is a teacher). You can take a look at on there website http://www.ohfa.org . I will be more than happy to answer any other questions you may have. Buying your first home is exciting, good luck!!

Jeremiah Burton
Kevo Properties
(405) 204-9467
1 vote Thank Flag Link Sun Apr 21, 2013
Sign up with a Realtor that will listen to what you have to say, one that has been in the business for a number of years, One that is willing to help you every step of the way:

I am one that can do this:

John Phillips
Re/Max Preferred Properties
405 413 0791
1 vote Thank Flag Link Sun Apr 21, 2013
Good afternoon rbtaffe,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed May 1, 2013
A good starting point would be with a local Realtor to act as a buyer's agent. They can probably point you in the right direction. Talk with a couple of different people and see who seems like the best fit for you.
0 votes Thank Flag Link Tue Apr 30, 2013
Check out my blog article (http://buygreenokc.com/2009/09/buying-your-first-home/) for a step by step guide for first time buyers. You will also find other buyer resources that might be helpful to you!

There are definitely some down payment programs available (ohfa.org and caaofokc.org) if you have not owned a home in the last three years. OHFA also offers a special program for teachers.

Give me a ring if I can help you through the process. I would be happy to help!

Warm regards,

Michelle Foy Belknap
Web Reference: http://buygreenokc.com
0 votes Thank Flag Link Tue Apr 23, 2013
I have a couple of great lenders that would be able to help you with any/all of your loan questions. I also live/work and sell in Moore/Norman and I know the area well. If you would like any information at all please let me know and I can get you in touch with a lender to get your pre-qualification letter and get you set up to start looking at houses!

Melissa Crabtree
Keller Williams
0 votes Thank Flag Link Mon Apr 22, 2013
Call Michael and City Wide Mortgage, 405-595-1764, tell him Josh sent you. Go over your finances with him, ask him about any DPA programs that may help you.

After you are pre-qualled, call me at 405-315-7965, my team and I will get to work on your search and previews ASAP.
Web Reference: http://www.GetSoldOKC.com
0 votes Thank Flag Link Mon Apr 22, 2013
Hi rbtaffe,

The first step is to choose a lender and get your pre-qualification letter. This will determine what price range you are looking for. I work with some great lenders and will be happy to get you their information and they do participate in the down payment assistance program.

Second, you choose a Realtor. Your Realtor will set up a daily property search that fits your criteria.
Once, you find some homes of interest, you set up a property tour.

When you find the home that you want, you and your Realtor will work up an offer and present it to the seller. When the offer is accepted, your realtor will set up a home inspection and a termite inspection. Your Realtor will work with you all the way to the closing.

For information on the down payment assistance program, go to: http://www.ohfa.org/HomeBuyers.aspx?mp=HeaderHomebuyer&t…

Please feel free to contact me at your leisure. I'll be glad to help.

Bridgett Wells
Keller Williams Realty Elite
0 votes Thank Flag Link Sun Apr 21, 2013
With all due respect to Lowell Sterling, I have to disagree somewhat with his response. I would agree that your beginning steps need to be to find out what you qualify for as far as price and type of loan. I also agree that there are many mortgage professionals who can help advise you in the event you have credit issues.

However, I work with first-time home buyers every day and I have lost track of the number of buyers who have changed their lender after meeting with me. They don't change just because I refer them. They come back to me and say, "Boy am I glad you told us about him/her. We got a much better deal all the way around, closing costs, interest etc." I give them three lenders in our area that I know and trust and I know are honest and they do all the above mentioned things and more. They also have much more loan product (investors) to choose from than many in this business.

Just as not all agents and not all Realtors® are equal, the same is true for mortgage professionals. If you know of one that you can trust, then by all means start with him/her and there is a good chance that he/she will recommend a great agent to you. But.....I don't believe that you have to begin there. If you find a Realtor® that you trust and are comfortable with, then you should be able to trust their judgment on finding a great lender as well.
0 votes Thank Flag Link Sun Apr 21, 2013

Full service Team for First Time Buyers!
0 votes Thank Flag Link Sun Apr 21, 2013
You should begin with getting in touch with a lender-there are programs for teachers and also down pymt asst programs--give me a call and I would be happy to give you a few names a very qualified lenders--looking forward to help you in your search!! I am in Okc,ok
0 votes Thank Flag Link Sun Apr 21, 2013
It is a great time to buy! I would be happy to assist with connecting you to a Lender regarding the Teacher program and other down payment assistance programs. Reviewing your financing options and obtaining a prequalification letter is the first step. Once that is done, you are ready to starting shopping for your new home. I just assisted a coach in the Moore area with finding a new home. Where are you teaching? Please call and I would be happy to assist Pam King, RE/MAX Metro 405-923-6574 or ppking@cox.net.
0 votes Thank Flag Link Sun Apr 21, 2013
I would be happy to meet with you and do a first time home buyer consultation. I will show you the steps that it takes to buy a home and give you materials to take home with you to keep so that you will be able to review what we talked about.

I also recommend that you contact a lender and get preapproved. That way you will know how much house you qualify to purchase, discuss what payments you feel comfortable with, talk about tax advantages, etc.

Give me a call today and I will give you the name of a lender you can reach today.

Carolyn Sims
Keller Williams Elite
Web Reference: http://csimshomes.com
0 votes Thank Flag Link Sun Apr 21, 2013
@David, who are you talking about?

@rbtaffe, definitely start with getting your financing lined up first, so you know how much you can comfortably afford, and that you will be able to see your purchase through to closing. If you'd like a list of great local lenders, feel free to call or email me. Good luck, and congratulations on taking that first step toward buying your first home!!
0 votes Thank Flag Link Sun Apr 21, 2013
Start with a low price. This isn't a bid as they lead you to believe. They will counter offer if you are the high offer. The paperwork is enormous. There will be huge closing costs compared to a normal sale. Ours were about $1000 more than the buyers of our home we sold were. There will also be a re-key fee of $250 and they will take the existing exterior locksets off and install cheap ones. Remember that the nice locks that may be on the home you are looking at will not be there when you move in. I would NEVER buy from them again. Deal with a more reputable person like a homeowner.
0 votes Thank Flag Link Sun Apr 21, 2013
Always start by talking with a few lenders to see if you can get a loan and for how much. It's free and does not involve any credit checks, just ask questions, Then go find a Realtor and tell them what you learned in step #1.
0 votes Thank Flag Link Sun Apr 21, 2013
Ask around........friends, neighbors, co-workers, relatives to find others whom have recently purchased a home. Try to collect at least three names of Realtors® and or lenders. Then interview them and ask them what type of transactions they deal with most-luxury homes, new construction, first-time home buyers. Listen carefully to their answers. You will want someone that specializes with first-time home buyers. There are many differences between you as a first-time home buyer and someone who has been through this before. You will want someone that will do a lot of hand holding and explaining the whys and wherefores of each step in the process.

In my experience I have found that often times we assume too much when it comes to our clients. We have to keep in mind that we do this every day, all day but for you, it's a new experience.

Your trusted lender and agent should be able to explain all of your options and answer all of your questions. Keep a notebook and write down your questions before making the calls and write down the answers. Keep everything in one place because it is a long road to closing and you are going to want to refer back to those notes occasionally.

I am not from Oklahoma, but I am more than happy to talk with you and answer any general questions for you that are not state specific. This might help you get started. Then I can point you in the right direction from there.

Best of luck to you.
0 votes Thank Flag Link Sun Apr 21, 2013
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