Congratulations on living within your means and having the forethought to save for your future.
I see that you have gotten quite a bit of advice already . . . most of it is good: contacting a lender with access to first-time home buyer products is key: Maine State Housing (MSHA) and Rural Development (RD) loans may work for you. RD has geographic limitations. FHA is another good option.
Something I don't see previously mentioned is that these loan products require the home that you finance to be in relatively good condition (major systems must be sound, no cracking/peeling paint, roof OK, etc.). Much of what you find in the $100,000 and below range may not meet these condition requirements. Be sure to talk to your lender about what kind of properties may qualify for which loan products.
PS: Your REALTOR should know this stuff, too - - no point in looking at houses that you can't finance!
You sound ready, and it doesn't just happen overnight - - get with the lender, then start looking at houses - - you will ease right into home ownership and a good REALTOR, keeping you informed, will help you feel confident in your journey.
Please do not try to take photos at open houses.
I do not give away any credit info to anybody until I find the agent who will then recommend the lender they have had experience with.
David Cooper. Las Vegas Foreclosure Investor in Bank Owned Houses with huge Cash Flow. Call for FReee
list. +1-7024997037 not a real estate agent.
I would get a few books on real estate and see what the professionals investors do in finding "good deals" I
David Cooper. Las vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. FReee List +1-7024997037. not a real estate agent
You certainly sound like you are prepared for your first home purchase. I couldn't agree more with my colleagues; you definitely need to sit down with an accredited lender and determine where to go from here. Getting pre-approved converts you into a 'cash' buyer, strengthening both your leverage and confidence upon purchasing. And, sellers are more receptive to negotiating with a pre-approved buyer. I'd stick with local banks and lenders. Contact me if you'd like a referral or if you need some help. Good luck!
Keller Williams Realty
Acadia Lending Group
190 Riverside Street Unit 4B
Portland, ME 04103
Ph: 207-899-4500 x10
In Maine make sure you have an exclusive buyers agent working for you-- I own my own agency (Maine Realty) located in Portland and focus mainly on helping first time buyers-- YOU CAN ACTUALLY GET PAID UP TO $10,000 to purchase a property in Maine-- see my site for more in
http://www.sellwithpaul.com. 207-671-6604 let's grab a coffee one day this week and discuss---
Broker & Owner
Portland Maine 04101
Once that is done I would look for a realtor and lender team that you like, ask some questions and see who responds to you. Are they plesant or does it sound like you are bothering them. You are in a sense going to be interviewing a realtor, find out how many bueyrs they have closed deals for. You want a combination of someone you can trust with someone who can get the job done. Make sure they work in the area you want to live in often and then set up a meeting with them.
Prequalifying for a mortgage is quick and easy and no cost. I have a lender who will give you an approval over the phone. that being said, you need to be honest because the truth will come out when you actually go to get the loan for the property you find!
The other thing to consider is whether or not you really want to take on the job of home ownership. You probably are qualified to buy, but whether or not it is the time for you to buy depends on more than your credit score. Home ownership is work. You will be responsible for fixing the leaky faucet, or repairing the roof or cleaning the gutters. How do you feel about that? And in terms of the price, you may not find much that you like under 100,000. A lot of homes in that price point need work. How do you feel about doing work on a home? Are you handy? or would you need to hire someone. A good agent can walk you through some of these choices.
I would recommend checking out Maine State Housing's program for first time home buyers. They have classes and also offer help with closing costs if you qualify. I am not sure where you are looking to buy, but if I can be of assistance, please let me know.
I would be delighted to sit down with you and help you figure this out. I am an Accredited Buyer Representative and work with many first-time homebuyers. I will walk you through the process one step at a time. I am very good at educating my clients on the process and what to expect.
Let me know when you are available to get together. You can reach me at: CJ Dubois-Cote, Prudential Prime Properties, 207-615-1663 or firstname.lastname@example.org. I work in York and Cumberland Counties.
There has never been a better time to buy a home. Inventory is plentiful, rates are low and prices have come down considerably in the past few years. We may never see this again in our lifetime!
The payment includes principal, interest, property taxes, home owners Insurance, HOA fees, if applicable. Knowing all of these terms and what they mean and feeling with the entire cost of your payment is a basic but necessary step. Good Luck!
You sound ready; based on your last line, "I really feel that I am ready..." and you know yourself better than I do, so I'll assume you're ready.
As for qualifying, you are very close if not there already. Before you pay off the collections, wait! Believe it or not, paying off old collections can lower your score and reduce your odds of getting approved and for a good rate.
I you were in my market we'd start by looking at your credit report and seeing if we could improve your scores by paying down some of your debt. You'll need 3.5% down for an FHA loan. If your purchase price is $100k or less, than you'll have some money for debt reduction and or reserves (savings after your down payment).
Start by meeting with a local lender. Ask if they do any credit repair and then see if you can get preapproved.
Good luck in your home shopping.