Your first step is to speak to a bank and make sure you can afford what you want; this should only take a day or two. Once you have that in place, you can start looking at homes and potentially get one under contract.
Typically, it takes anywhere from 30 - 60 days to close on a home that you have under contract. Once under contract, that's when the clock starts ticking for the mortgage, inspections, title, etc.
If you need any help, please let me know.
Timothy Garrity | Realtor & Consultant
First thing you don't need is an awesome Realtor. None of us are really that great anyway.
How about housing counselling? This is the best first step that pretty much everyone skips. There maybe some free money available to you and if you are making less than $80K/yr there may be some programs that will work for you. Most counselling agencies get their money from HUD grants and there is little or no charge to you.
The second thing you don't need is a mortgage broker. Ditto on the greatness factor. Unless there are some other factors you didn't mention or you are looking to get into a particular program (like a 203K which requires some expertise) start at your bank or credit union and get pre-qualified for a loan.
Once you have the Pre-Qual then you get the Realtor and start looking at houses while you are shopping for your best deal on a mortgage.
Better yet go directly to the source for the real information. See link...
I would love to work with you. I've been writing mortgages in the Philadelphia area since 1984, and have done hundreds of FHA 203k loans for fixer uppers. Please email me at firstname.lastname@example.org or call me directly at 610-308-9001.
Ed Fallon, MBA NMLS#144708
Gateway Funding Diversified Mortgage Services
Weichert, Realtors - McCarthy Associates
6901 Germantown Ave, Philadelphia, PA 19119
Office: 215-843-1414 x 230
Re/Max Affiliates NE
Find a good realtor or a good Mortgage Broker. Ask friends for recommendations. Interview them as they will be working for you. Go with whoever you feel a good comfort level with. We all have different styles so find one that suits you. Also if you want to finance the fixing up of a home you may need someone familiar with FHA 203k Loans ( like me)
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
Have you yet to begin this process? I have a loan officer from our inhouse lender who can prequalify you immediately and we can begin house hunting! There are also many great programs for first time buyers with good credit that I can advise you to. You are going to need money out of your pocket to cover down payment and closing costs; there is assistance out there that I can help you get however you will typically need about 4% of purchase price. Please give me a call!
Danielle R Gurst
REMAX Affiliates NE
267 423 2623
Best of luck, buying a house can be stressful but should be an exciting and educational experience.
First of all congrats on thinking of purchasing a home because this is a buyers market.
I recommend finding an agent that you are comfortable with, you may interview a few. Then, they will guide you to a mortgage broker, which they would recommend a few for you to interview or go directly to your local bank and ask for a mortgage broker to "Pre-Qualify" you. He will ask you a few questions and within 24 hr should be able to give you an answer as to HOW MUCH HOUSE YOU CAN AFFORD.
But your real estate agent should be your guide and your advocate in a real estate transaction.
I'd love to take a few minutes and chat with you over the phone or in person to see that all your questions are answered.
Feel free to give me a call.
The first thing to do in the process is to start with a mortgage specialist who is well versed with the different types of mortgage programs available to you. I am not sure, because of the housing bubble, if there are any more 0 down programs. I have seen some 3% down come accross my desk. Check out Citizens bank. They have a new low rate program being offered to people with good credit. I often work with an individual there and he is dinamite. I can refer him to you if you like.
Also Jill, I am a license Realtor in Pa. and I would be more than happy to help you get started.
If you have a smart phone or Droid, you can download a free app. called Smarter Agent. Here you can see all of the homes listed on the market in any zip code in the Tri-State area.
Send a TEXT Msg. to 87778. In the body of the Text msg. type--- les1. This will enable instructions for downloading the free Real Estate app. You will also be able to contact me thru the app. if you still want a realtor to help you.
You are going to want to start out interviewing prospective agents and see what their game plan is for you and how they work and your level of comfort with them. A realtor is a great asset to have when you are trying to wade through all the options you have available to you when looking at a home. Then you will want to get a least prequalified for a mortgage so that you know how much you can afford and that will also give you and the seller the piece of mind knowing that you are prepared to purchase. Once you have a picked the house of your dreams sign the contract and then pick your title company.
I recently helped a Northeast couple buy THEIR first home (on Chippendale St) and can give you their name and phone number as a reference.
You only have to put down 3.50% and while you may not qualify for "low-income" housing, you may qualify for some incentive programs. You can also consider what is called a "203k rehab loan". Alternately, there is a little-known product called a Fannie Mae HomePath reno loan. I can help you navigate all these.
You do need to get preapproved first. You can contact 1 of the mortgage reps who have answered this question, or you can contact me for a personal referral.
Whatever you decide, good luck to you! And most of all, HAVE FUN!
I know you have a lot of great advice from professionals here in this forum; let me just say, that I specialize in helping first time home buyers with finding "fixers" , buying them with a special loan called a 203K FHA Loan (this is a loan where the "fix-up" costs are included in your loan amount so that you don't have to spend the money out of pocket!)....it's a great way to buy a first home - especially in this market where there are so many options to choose from.
I am also an investor/rehabber who buys fixers and "flips" them for profit - so I have 9 years experience doing this - plus a great team of contractors & 203K consultants & specialists already in place - including mortgage professionals.
Give me a call / or email - maybe we can meet for coffee to get acquainted and help you get educated on the process.
Agent & Rehab Investor
Elfant Wissahickon Realtors
That's awesome. The first thing you should do is educate yourself as much as possible about the home buying process. You need to know how to prepare and plan for this exciting lifetime event. A good place to start is the U.S. Department of Housing website. There you'll find a plethora of information, allowing you to become an informed, confident first time buyer. Best of luck to you.
Hope all is well with you today!
My suggestion would definitely be to talk to a lender first. You're on the right track with minimal debt, steady income, and a strong 401k. Just have to confirm what your credit score is and you are on your way. The prospect of a fixer-upper with little too put down could be quite an uphill battle, unless you are speaking more of a place that is structurally sound and needs more updating than anything else.
If you have any further questions about real estate or the pre-approval process, don't be shy. I grew up in the Northeast. Best of luck to you!
Kristoffer Lehman, ABR
Keller Williams Real Estate
Licensed in PA - #RS299648
Office # 215-646-2900
Cell # 267-254-4755
Fax: 800-686-7534 or 267-419-2974
FOCUS + INTENSITY = RESULTS
Referrals are the heart of my business.
Superior Home Mortgage
office: 610 594-6611
I think the first thing you should do is speak to a mortgage specialist where you bank. Find out how much you qualitfy for and if your are eligible for any special programs. Then call me, I work with many first time hone buyers and I would luv for you to be my new VIP client so I can show you what I do.
Please give me a call with any questions day or night.
Vaya al banco y sea aprobado, entonces sobre al agente inmobiliario con la carta de su banco. Ahora la caza estÃ¡ en y si pregunta a su agente inmobiliario sÃ³lo mirar este o eso, entonces que es lo que le mostrarÃ¡n. Â¡Usted primero tiempo que asumo, asÃ que pide la mejor casa para el dinero usted desea gastar, los Dice que desea que ser calidad de movimiento si usted no estÃ¡ cercano ni estÃ¡ bien para un hogar que necesita un TLC pequeÃ±o si estÃ¡ cercano, hogares de nota TLC significan que mejores ahorros tambiÃ©n o los dejan solo! Todos los hogares usted pone una oferta en la necesidad de ser inspeccionada por un profesional cuando o si va a contratar, debe estar seguro que tiene suficiente tiempo a cerrar para asegurar la hipoteca, debe estar seguro que el comps de la casa, que usted agente inmobiliario debe hacer para todos los hogares que usted quiere, y el hogar tendrÃ¡ que avaluar en la orden para un prÃ©stamo para venir Â¡Acerca de! Yo siempre tratarÃa de ofrecer un poco menos que preguntando, como un comprador pero no demasiado bajo ni insulta a personas, los vendedores en particular. Si hay artÃculos mal despuÃ©s de la inspecciÃ³n, entonces negocia para tener estos reparado antes de la venta o la compensaciÃ³n a usted en la mesa final. Ponga lo menos posible hacia abajo para el dinero de buena fe, tendrÃ¡ finalmente que hacer un desembolso inicial lleno en tiempo de cerrar y no hay necesidad de atar este arriba hasta entonces. Â¡Y la buena Suerte y mejores deseos a usted buscan y compra optimista de su primer hogar!