Home Buying in Spokane>Question Details

Tyler, Home Buyer in Spokane, WA

I want to buy my family there first home in todays market:

Asked by Tyler, Spokane, WA Mon Aug 12, 2013

I have been looking into buying a home for a while, however I am trying to support a family and have a low income. At most I will be able to save around $10,000 and am not sure if that is enough to work with to get a loan for a home valued at around 100,000 to 150,000. In todays markets is $10,000 enough to even be thinking about buying a home?

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Answers

16
I hope that you can find a new home for you and your family to live in. It can be really tough finding the right home on your own. I would consult an agent about home buying options, if I were you.
http://www.atlantacommunities.com/forsyth
0 votes Thank Flag Link Thu Oct 30, 2014
Tyler - hi there .....I thought I would touch base to see if you were able to get your credit union to approve your loan needs ? ?

thanks ...good luck
and keep us posted
0 votes Thank Flag Link Sun Mar 30, 2014
I would be happy to discuss and review home loan options that are available for you today and give you straight answers to any questions you may have about the home buying and mortgage financing. Afterwards, we offer an absolutely free, no obligation pre-qualification/approval letter that can make you one step closer to purchasing a new home! Please contact me at your convenience. 
Thank you!
Mark Wrenn
Senior Loan Officer
NMLS: 789872
Academy Mortgage
Lincoln Building # 475
818 West Riverside Avenue
Spokane, WA 99201

Online: http://www.academymortgage.com/markwrenn
e-mail: mark.wrenn@academymortgage.com

(509) 340-1955 office
(509) 340-1981 direct
0 votes Thank Flag Link Tue Jan 28, 2014
yep.. rookie mistake!
Flag Fri Feb 14, 2014
Hey Mark, this guy asked his question in August of 2013. You must of just signed up for Trulia.
Flag Tue Jan 28, 2014
Good Afternoon Tyler,

There are some great programs out their still for First Time homebuyers. If you need downpayment assistance, even in this market there are programs in Spokane that help First Time home buyers or even repeat homebuyers with down payment assistance. I would sit down with a local lender who is aware of these programs and aware of what's available in Spokane. Typically you need your last 2 years of w-2s and 1 months worth of earnings, 2 months worth of bank statements. I would than set an appointment and have your credit ran to see if you need to get reestablished or your fine where you are at. It's still a buyers market, sellers are still paying the buyers costs typically 3-3.5% depending on the price of the home. If your renting, I would find out when you have to give 20 day notice before you are charged another months worth of rent. Then when you do sit down with a lender you can ask them the question, typically how long does it take your institution to close a home loan, FHA, VA, USDA, Conventional. This question can determine who you decide to go with, the worst thing is to put your Earnest Money in Jeopardy. I hope this helps if you have any questions please feel free to call me on my Cell phone at 509-263-7133.
0 votes Thank Flag Link Fri Jan 17, 2014
1/13/14 Tyler – hi there …are you still looking for some assistance with loan / mortgage ideas ? Would you like to begin the pre approval process ? If so – drop me an email or a call

Dave Skow - WA MLO #278613
Eagle Home Mortgage
w 206 714 9745
dskow@eaglehomemortgage.com
0 votes Thank Flag Link Mon Jan 13, 2014
Tyler,

This is very exciting that you are thinking about purchasing a home. I.would encourage you to attend one of my First Time Home Buyer classes. In the short (Hour and a half long) class we just talk about the important things to focus on before, during and after your home purchase. We also have a lender that will educate you on what you need to know before you get pre-qualified. My website has information on our next class, but they are held about every 3-4 weeks. Contact me if you want more information, or just some one on one time to talk about options.

Abbey Parsons
Coldwell Banker Tomlinson South
Cell – 509-939-0602
http://www.spokanefirsttimehomebuyer.com
0 votes Thank Flag Link Thu Oct 31, 2013
That should be enough, Tyler. However, visit my website at http://www.BuyOrSellSpokaneHomes.com and click on GET PRE-APPROVED under MOBILE APP, in the center of the Home page.

This way you can get pre-approved online with my recommended lender Jeff Berglund (VP/Senior Loan Officer with the Washington Trust Bank downtown branch) and know for certainty if your scenario is possible or not before you spend a lot of time and effort out on the streets looking for your new home!

Give me a call if you'd like to chat more about this :)

James Creviston (509) 270-4687
0 votes Thank Flag Link Sat Oct 5, 2013
The most important thing for you to do is to talk to a lender about getting prequalified. There are to many factors that determine whether your $10,000 will be enough. That will also let you know what price range you should be considering when you go out looking for a home.
0 votes Thank Flag Link Sat Oct 5, 2013
Tyler,
As you have already been told, this is plenty of money for the down payment & other cost to buy a home. the first thing you want to do is get with a lender and see what you qualify for & how your credit is as well. I would be happy to help you with that as a loan officer. Please contact me directly. we can do everything by email, phone, & mail.

Good luck to you in any case,
Jirius Isaac
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
Mortgage Loan Originator Best in Client Satisfaction
Web Reference: http://TriStarFinance.com
0 votes Thank Flag Link Mon Aug 12, 2013
Hi Tyler,

10,000 should be plenty to get you started.
Get together with a loan officer and most will help you right over the phone.
Katie with Inland Mortgage will go over financing with you over the phone, her
phone # is 509-954-4930. Let her know DJ sent you.
Let me know how you do.

DJ Coldwell Banker Tomlinson Real Estate Broker
509-869-5181
0 votes Thank Flag Link Mon Aug 12, 2013
Hi Tyler,

10,000 should be plenty to get you started.
Get together with a loan officer and most will help you right over the phone.
Katie with Inland Mortgage will go over financing with you over the phone, her
phone # is 509-954-4930. Let her know DJ sent you.
Let me know how you do.

DJ Coldwell Banker Tomlinson Real Estate Broker
509-869-5181
0 votes Thank Flag Link Mon Aug 12, 2013
Hi Tyler,
There are financing programs available that are designed to assist people in just your position. There are also HUD programs where you can buy a home for half off if you are a teacher, police, etc... I would love to help you through the process, but will need more specifics to recommend what might work for you.
Sincerely
Terry Lipe ABR, CDPE, SFR, CSP.
Coldwell Banker Tomlinson
8205 N Division St
Spokane, WA. 99208
Cell: 509-999-7916
Fax: 509-242-7427
Email: terry@cbspokane.net
0 votes Thank Flag Link Mon Aug 12, 2013
Depending on the type of financing, 10k should be plenty. You need to visit with a lender to get qualified for a home loan. A lender will help you know exactly how much home you can get into!
0 votes Thank Flag Link Mon Aug 12, 2013
Hi Tyler,

Great question. The minimum down payment for a home is 3.5% for an fha loan., so you are looking at about $3500 for a $100000 home. There are down payment assistant programs out there as well to help you. Feel free to give me a call or shoot me an email, and I would be happy to get answer any questions you have.
0 votes Thank Flag Link Mon Aug 12, 2013
There is a Conventional 3% down My Community Program, FHA 3.5%Down, and of course the USDA RDL Program that is $0 down. Any of these programs will work for you, it just depends on the property type and location you are interested. Let us know if we can be of assistance to you.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Mon Aug 12, 2013
Yes it is, roll your closing costs into your note.
0 votes Thank Flag Link Mon Aug 12, 2013
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