You also need an Exclusive Buyers Agent, who will be in your corner 100% of the Time on ANY home you want to purchase. Although every agent will tell you that they will be your "Buyers Agent", they sometimes forget to tell you that, it will only be on homes NOT listed by their brokerage. Anything homes they show you that is within their firm, the agent will become a Dual Agent.
If you need more advice, contact me.
100% for Home Buyers - 100% of the Time!
I commend you for asking the right questions before spending a lot of time and energy looking at homes. It used to be a client would find a home and then get a mortgage because mortgages were very easy to get by almost anyone with a job and even some that didn't but had great credit scores.
Today in a recessed market, loans are much harder to get but not impossible. Therefore, the market dictates that a person must be pre approved before looking. Most Realtors will require it and almost every seller will require it before they would even consider your contract offer.
I own a company, Freedom Restoration Credit Services, Inc. that specializes in helping first time home buyers get approved for home loans. My company does everything that a client would need to finding the perfect home and representing you in the contract negotiations. We can provide the mortgage for you once you were qualified and outline a course of action from the very begining to make it all happen. You are young but more people in your age group are making the decisions to own instead of renting. One thing to consider is net worth. People who rent increase their net worth by only $5000.00 over 15 years. People that buy a home, their net worth is $168,000.00 on average, over the same 15 year period. It make sense to buy for many more reasons. Please contact me if you would like to know more about what we can do for you. My company is located right here in Cedar Hill. We were honored recently by being named Best in Cedar Hill in Mortgage Brokers and Mortgage Assistance, Credit Repair catagories by a group of national experts in the field. We specialize in taking non qualified home buyers and making them home owners in as little as 90 days. I am sure you to can be a homeowner sooner than you might think possible. You can find out more about us online at http://www.freedomcreditservices.com. I hope to hear from you soon. Robin
Tom's answer is right on. You definitely need to speak with a lender. There is much more that goes into qualifying to buy a home than a credit score.
Give Tom a call. Once he gets you prequalified, feel free to give me a call and I can show you some properties.
Keller Williams Elite
But there is more to it than just scores.
You should have a long conversation with a mortgage guy sooner than later.
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
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Down payments also depend on the type of loan. A good estimate is 5% for conventional loans and 3.5% for FHA. There are, however, some programs with only 100$ down on certain foreclosed homes.
I would be pleased to help you with the entire process of your new home purchase! Please feel free
to give me a call or email me :)
Miracle Bennett, REALTOR
Your Realtor in Cedar Hill!
RE/MAX Preferred Associates
140 W. FM 1382 #110
Cedar Hill, Texas 75146