Home Buying in Saint Paul>Question Details

Amy Poitra, Other/Just Looking in Saint Paul, MN

I'm new to the house hunting scene. I'm wondering how I go about getting pre approved? any advantages for first time buyer and being a teacher?

Asked by Amy Poitra, Saint Paul, MN Thu Jan 31, 2013

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Susan Hofflander’s answer
Lots of great answers here, Amy. Always a good idea to talk to a lender to decide whether you feel comfortable with that person. You will be sharing personal financial information with this person, so a level of trust and confidence is essential. I, or most any, real estate agents have a cadre of mortgage people that are tried and true in their roster. If you need some referrals to good, qualified, trustworthy mortgage professionals, please feel free to ask.

Of course, it's important for you to trust the agent from whom you're receiving the referral as well!! :) If you'd like to meet or talk, feel free to contact me. Those will be the most important contacts you'll make as you navigate through the tricky waters of the real estate transaction, your lender and your agent.

Good luck, Amy!
0 votes Thank Flag Link Thu Jan 31, 2013
Dear Amy,

Finding a good lender is key. If you belong to the teacher's credit union you might find some good loans through them. Check out a couple of lenders. The lenders can also tell you about various advantages currently available. I was a teacher for 7 years. God bless you for the work you do!

Feel free to contact me when you are ready to start looking!

Carolyn Jass, Realtor
Twin Cities Real Estate, Equal Housing Opportunity
651-344-6226
carolynjass@live.com
0 votes Thank Flag Link Mon Jul 22, 2013
First, as a parent of two school age kids I want to thank you for teaching.

To annswer your question I want to send you to http://www.hocmn.org, the web site for the MN Home Ownership Center. There you will find a number of resources for first time home buyers, and links to local housing counselors in your neighborhood (anywhere in MN). The local counselor can help you find information on programs for first time buyers, and teachers, and maybe some things you haven't thought of yet. There may be programs from lenders, and cities, and neighborhood groups, and local non-profits, and many more sources.
0 votes Thank Flag Link Tue Apr 16, 2013
Hello Amy!
Great questions!!
Call Shelly w/ PHH home loans to get preapproved @ 651-402-4883.
Ask her about the available funds and programs for 1st time home buyers.
Learn more about how I will find you your dream home @ http://www.welcomehomeproductions.net.

All the best!!

John
0 votes Thank Flag Link Tue Feb 12, 2013
Hi Amy and thanks for your efforts on educating and raising the next generation!

I am an Exclusive Buyers Agent, unless you are using an EBA, your home purchase will be skewed toward the seller. The first step is to talk to your agent, they typically have lenders that will offer deals for first time home buyers. I have a mortgage lender that can offer you options to save money on your home sale including waiving the loan origination fee if you work with an EBA. Loan origination typically is 1% of the sale price. If the home costs $150,000 you save $1500 on your closing costs.

I also have other mortgage lenders who, depending on your financial situation, may have options as well, like lower amounts of cash needed as downpayment and closing costs covered by special programs or grant funds.

When making a first time home purchase it is my goal to get the buyer into the home for as little cash outlay as possible so you can spend your money updating your home. In writing an offer, I try to save you as much money as possible by carefully using the Comparative Market Analysis to price the offer and request that the seller contribute to your closing costs to eliminate that cost for you as well if the cost is not covered by a grant fund.

Depending on your credit scores and cash needed to close, you can usually save alot of money as a first time buyer. I would love to assist you in any way and if you have further questions contact me at claire@breg-tc.com. I wish you all the best in your search for an agent and lender as those are the 2 most important choices you make before you actually begin to look for housing.
0 votes Thank Flag Link Tue Feb 12, 2013
Amy,
Thanks for your service as an educator within the St. Paul school district. See the link posted below which details some first-time home buyer programs within Ramsey County: http://www.co.ramsey.mn.us/ced/index.htm

I would encourage you to contact two lenders - It is easiest to sometimes begin with your 'home' bank as they have all of much of your fiscal history readily available. I find Credit Unions can also be a viable option to provide a contrast on rates and fees and typically are competitive. Your lender will also have information on programs for first-time home buyers and can assist you. Many times eligibility for these programs requires attending a class - up to eight hours typically - of education which then may qualify you for programs.

Good luck with your search!

Brian
http://www.facebook.com/realestatestpaul
0 votes Thank Flag Link Mon Feb 11, 2013
Hi Amy,
Great questions. We have a program for first time buyers like you. We lead you through the program step-by-step so you understand, and are comfortable with, each step. This includes shopping for mortgages, down payment assistance programs, etc. You may be able to qualify for some first time buyer programs as well. As a buyer you need a strong team on your side including a professional Realtor, mortgage professional, and inspector.
Web Reference: http://www.mywra.net
0 votes Thank Flag Link Sat Feb 9, 2013
Any lender will be able to help you get pre approved. I would choose the one you know will provide the best and most timely service.
Sherri Sherpy at iLoan have access to a wide variety of loans and she provides the BEST customer service.
Give at least 2 loan officers a call to compare them. Make sure Sherri is one of them.
Once you talk with your you'll realize why.

Sherri Sherpy
http://www.sherrisherpy.com/
612-363-1106
0 votes Thank Flag Link Thu Jan 31, 2013
Hey Amy!

How a buyer gets pre-approved for financing is typically two ways:

1) The first is kinda "duh" but you pretty much walk into your preferred bank and tell them this. A loan officer will then get your W'2s, bank statements, last 2 years of tax returns, credit report, etc... to pre-qualify you. I think if you just want a ball-park estimate of your purchase price and confirmation you can buy now this is better than what most people do PROCRASTINATE haha! Trulia does have loan officers and many times you can just fill out an online application as well. Just make sure whoever you choose has experience with down payment programs. Not very many loan officers do down payment programs.


2) The 2nd is the usual route and is through a Realtor referral. I would say the majority of my clients just wait until we start working together. Buying a home for the first time can be intimidating for some, and it is my job to help get the right loan officer for my client. I work with them every day, and through the years have built some great relationships with who I believe to be the best in the business.

We are paid be the seller so buyers pretty much get all of our services for free.

You usually don't need to hire a realtor right on the spot just for a lender referral. Usually what happens is you research some of us on Trulia and contact one of the Realtors you would like to try out. I give you my lender referral and help get you started reviewing neighborhoods and the market you plan on buying in....pretty much the "preparation stage of home-buying". I also get you set up on a MLS search directly from the realtor portion (no public access). It is the ONLY and best property listing search out there.

If down the road you think we are a good fit than we will work out an agreement, but if not and you decide to use someone else you don't have to worry about ever being in any sort of contract. My brother is a teacher and I don't think there are any advantages of being one, but overall there are a lot of down payment assistance programs for St. Paul. Try to find a Realtor that is used to working with first time buyers and is willing to put forth the extra effort to help empower you with all the tools to buy a successful home.

Whether it is pre-approval for financing, or just figuring out what area in St. Paul is the best area for looking at homes, being a first-time buyer can be intimidating at first. A great Realtor will help be there for you as a valuable resource.

And a great loan officer too hehehe! Hope this helps Amy

~Chris
0 votes Thank Flag Link Thu Jan 31, 2013
A lender I have been working with for years who is a correspondent lender, which I feel is better that any bank or broker is Charles Dailey co-owner of iLoan in St Paul. If you want to check his site out take a look at http://iloanhomemortgage.com/about-iloan/charles-d-dailey/ . Please let me know if you have any questions I would love to help with your home buying process.

Kirk Duckwall
The Duckwall Team of Realtors
Edina Realty
Cell 651-303-0019
http://www.DuckwallTeam.com
Your Referrals Are Greatly Appreciated
Free Home Warranty When You Buy Or Sell With The Duckwall Team!
0 votes Thank Flag Link Thu Jan 31, 2013
Hi Amy,

You have some great questions and I would love to give you some detailed answers. Please call me at your convenience 763-360-6189! Anne Gulden, Realtor * Weichert Realtors Advantage
0 votes Thank Flag Link Thu Jan 31, 2013
Amy, please provide a contact number and a convenient time to call so we can discuss your current real estate options.

Feel free to contact me directly if you have any additional questions.

Thank you very much and I value the opportunity to assist you with your new home search.


Robert Schuchman
"Experience You Can Trust"

Office - (651) 256-7400
Mobile - (651) 755-6710
Fax - (651) 698-7686
RE/MAX Results - Highland Park
2100 Ford Parkway Suite 201
Saint Paul, MN 55116


REFERRALS ARE GREATLY APPRECIATED!
0 votes Thank Flag Link Thu Jan 31, 2013
Great question! There are many programs out there for first time home buyers. I would make sure to get preapproved with a lender who will take the time to work with you and talk about the different programs. Some lenders shy away from the programs out there because they are a lot more paperwork. If you want a recommedation, please feel free to contact me directly! Good luck in your search.
0 votes Thank Flag Link Thu Jan 31, 2013
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