Home Buying in Texas>Question Details

Katrina A., Home Buyer in Texas

Looking to buy a home in the Wylie/Sachse area in the coming months...need some advice! First time homebuyers.

Asked by Katrina A., Texas Fri Apr 22, 2011

We want to buy a house and will be prepared to put 10k down. My credit score is 713, my husbands however is not good, in the 500-600 range. If we want to keep are monthly mortgage payments under 1300ish/mo how much can we afford?

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Hi Katrina! You will probably need to look in the $150,000 or below range to keep you payment at or below $1,300. Keep in mind that different cities have different tax rates so this will affect your total payment.

I will be happy to get you pre-qualified with no cost or obligation. Please feel free to give me a call or email me with any questions you may have.

Thank you!!
Ricky Coles
Integrity First Home Loans
1221 W Campbell Rd, Suite 115
972-948-2630 Mobile
972-918-0909 Fax
IntegrityFirstHL.com
NMLS License #209438
0 votes Thank Flag Link Fri Apr 22, 2011
Katrina,
It sounds like you have done a lot of thinking about this. First we need to get you and your husband pre-approved for a loan. A good loan officer will look over your credit scores and go from there. They will tell me what I need to know. Also, there are some great First Time Home Buyer Programs out here that are available in the Wylie/Sacshe area. Please contact me to get more information. I could write a book here full of information, but I won't. However, if you will give me your time I"ll be able to answer your questions.I have some wonderful Loan Officers that KNOW the programs. Having a Realtor that is well informed in the programs available to you is so important. I watch out for my clients, because I want to provide you with excellent service and knowledge. Thank you for taking the time to read my answer.
0 votes Thank Flag Link Wed Sep 7, 2011
Katrina,
You can look in the $150K range and lower. First find and interview several agents, unless you find one off the bat that is full of information. Some agents don't know about the many programs there are available to help you get a nice home. Right now there's USDA, First Time Home Buyers, Homes for Heroes and more. Feel free to send me any questions. I deal with a lot of first time home buyers. Also finding a good lender. Your Realtor can help you with that. I like for my clients to use certain lenders due to the lenders ability to perform quickly and efficiently. My lenders are superb and I can brag on them all the time. I have never had a problem with anything. They deliver on time, close on time and give the buyer a very good interest rate according to their credit and information.
0 votes Thank Flag Link Sat Aug 6, 2011
Dearest Katrina,

First Time Home Buyer Anxiety is extremely common ! But, who can blame you! This is the SINGLE MOST EXPENSIVE PURCHASE of your LIFE!!! Relax, find you an Agent that you can trust, and read-up on some Real Estate 1st time homebuyer tips and concerns. The INTERNET is full of Real Estate Articles/Blogs/Advice.

As for what you will be able to afford or not is STRICTLY up to the Bank's CREDIT POLICIES REGARDING CREDIT SCORES, Each Bank practices different lending policies.

BUT, AS FAR AS your mortgage payments are concerned, YOU CAN USE AN ONLINE FINANCIAL CALCULATOR FOR FREE! There are tons of them online, just Google ONLINE FINANCIAL CALCULATOR and you will have to ENTER YOUR VALUES FOR: the number of periods (N), interest rate per period (i%), present value (PV) and future value (FV). Payment (PMT)= payment

** I have included some information & link below for your review...

Compute

Pressing the compute button lets the calculator know that you are going to select a field to compute. For example, if you press the compute button and then press the payment (PMT) button the calculator will compute the value for the PMT. This is the same method used to calculate the number of periods (N), interest rate per period (i%), present value (PV) and future value (FV).

Payment (PMT)

This is the payment per period. To calculate a payment the number of periods (N), interest rate per period (i%) and present value (PV) are used. For example, to calculate the monthly payment for a 5 year, $20,000 loan at an annual rate of 5% you would need to:

Enter 20000 and press the PV button.
Enter 5 and then divide by 12. The result is 4.1666667 and then press the i% button.
Enter 5 and then multiply by 12. The result is 60 and then press the N button.
The FV field should be 0, however even if a value is entered here it will be ignored.
Press the Compute button and then the PMT button. It will then compute your payment of $377.42

Number of Periods (N)

This is the number of periods in the calculation. Make sure this is the number of payments if you are calculating loan values. For example, a 10 year loan with monthly payments has 120 periods. When you calculate the number of periods the interest rate per period (i%), payment (PMT) and present value (PV) are used.

Interest Rate per Period (%1)

This is the interest rate per period. Make sure this is the interest per period. For example, if you have 2 year investment that compounds interest monthly this should be the monthly interest rate. When you calculate the interest rate per period the payment (PMT), number of periods (N) and present value (PV) are used.

Future Value (FV)

This is the future value (FV) of payments (PMT) and any amount saved in the present value (PV). When you calculate the future value the payment (PMT), number of periods (N), interest rate per period (i%) and present value (PV) are used.

Present Value (PV)

This is the present value (PV) of payments (PMT) and any amount saved in the future value (FV). When you calculate the present value the payment (PMT), number of periods (N), interest rate per period (i%) and future value (FV) are used.

* They even have Adjustable Rate Online Mortgage Calculators NOWADAYS/
0 votes Thank Flag Link Sun May 1, 2011
Much details go into determine what a family can qualify for a home loan. Recommend to contact a mortgage broker, complete loan application .

The amount will govern how a Realtor can work with you

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Apr 22, 2011
Katrina,

You are asking a great initial question. Understanding what you can afford before you begin a search for a home is the perfect place to start. Your best answer will come from a mortgage lender. I recommend that you make an appointment to talk with a lender. Be prepared to discuss your income, your assets (chacking acct, savings account, investments, retirment accounts, etc) and your liabilities (car loans, student loans, credit cards, etc). The lender will help you understand the loan programs that are available based on the answers you give.

You might have to do a little work to help repair your husbands credit. It takes a little time, but not as long as you might think.

Once you have established the amount you can afford, think hard about the things that you need to have in your home. Set a list of the top 5 criteria, and use these criteria to compare homes that you see. Almost every home has something good and something not so good about it. These criteria will help you understand and appreciate the best home for you when you see it.

If I can be of assistance, please give me a call. I can certainly recommend a great mortgage lender to you if you need it.

Greg Fowler
Keller Williams Dallas City Center
214-215-8097
0 votes Thank Flag Link Fri Apr 22, 2011
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