Home Buying in Joliet>Question Details

sara, Home Buyer in Joliet, IL

I would like to begin my first time home buying process, but I'am not sure where to start. Any advice?

Asked by sara, Joliet, IL Tue Sep 18, 2012

I've been renting an apartment for 3 years, but I feel it's a bit crowded and would like to get a bigger space. I'am not sure if I qualify, due to not having a long credit history, and only having 3 years of tax returns....

Should I stop dreaming about a house for now or is there hopes?!
What do I need to qualify for a loan?


I appreciate all answers!
THANK YOU
Any suggestions on who I can call? I live in the Joliet area and would like to purchase a house on district 86 schools.

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Answers

5
Good afternoon Sara,

Dreams Come True! Based on your post, it appears you have the fundamentals in place to qualify for a mortgage loan. Credit history for 2 years+ and decent score (minimum 640 FICO), and 2 years consistent employment.

Here's my Primer for my First Time Buyers here in New York:

First steps:

1. 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.


2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. 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.

4. 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!

Good luck!
Trevor Curran
NMLS #40140
.
0 votes Thank Flag Link Wed Sep 19, 2012
sara: Congratulations on making this big decision! I feel because this is your first venture into home buying, that just sitting down and talking to a mortgage lender ... and having the opportunity to ask all your questions ... if your first and best step. That way you can find out what your options are, based on YOUR personal financial scenario. I understand your concern about having a shorter credit history. But having the right credit in place is ultimately very important too. Should you and I talk, I would be able to review the credit you have and assist you towards establishing the best and right credit to get you on track to buy your home. Again, I believe the best option is to simply talk and ask questions of your Lender.
In the immediate, you can view a handy list I've put together of the financial documents you will need when in comes time to actually apply for loan. It helps to have this info ahead of time, as you can start to gather the info and documents in preparation for application. Go to: http://www.genemundt.com/Required-Documents.html ... and print-up this listing for your reference and guidance.
I would love to earn and have the opportunity to guide and work with you ... and answer all your questions. Should you like to speak, please contact me at your convenience. Hope to hear from you soon!
0 votes Thank Flag Link Wed Sep 19, 2012
Here is a link to my guide of First Time Home Buying:

http://allisonmovesyou.com/first-time-buying/

The next step is to find a wonderful lending agent who can pre-approve you and walk you through the financial side of purchasing a home.

If it is not a option for you now, your lending agent should be able to give you a ball park for a time frame and set goals for you to accomplish what you would like to do!
0 votes Thank Flag Link Tue Sep 18, 2012
Sara,
Brian has the right idea. Engage with a REALTOR familiar with the area of your choice and who has reputable financial resources. A good REALTOR can guide you through the two major steps; financial qualification and home shopping.
I serve the Joliet area also and have excellent financial resources very familiar with first time home buyers. Give me a call if you would like to begin a home buying discussion! You appear to have the right history for a successful search, qualification, and purchase!!!

Jerry Hix, ePro
Keller Williams Infinity
Cell: 630.258.2062
0 votes Thank Flag Link Tue Sep 18, 2012
Hi Sara
The American Dream is still alive and well so let me help you make it a reality. The first step is finding an agent you feel comfortable will be attentive to your needs and wants. Step 1a is getting together with a lender who can walk you through the process. They should be able to help you with first time home buyer programs etc..
I have helped hundreds of 1st time buyers, just like you acheive their dream of home ownership. I would be happy to help you in anyway I can.
0 votes Thank Flag Link Tue Sep 18, 2012
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