Home Buying in Joliet>Question Details

Rachel, Home Buyer in 60517

Please help...need advice/direction for first time home buyer!

Asked by Rachel, 60517 Thu Sep 6, 2012

I am trying to begin my first time home buying process, and am not sure where to start...

I am a full-time nursing student, but also work full-time. My student loans will not enter repayment until 2014 (from what I've researched, it is possible that these loans may/may not be calculated in my debt to income ratio).

When my credit was pulled in March and June, my credit scores were in the 570s, since then, I have cleaned up credit issues, and my scores are 620

Both of my parents have good/excellent credit and are willing to cosign; however, they do have a high debt to income ratio.

I am looking for down payment/closing costs assistance programs in Illinois or lenders that know where to find grants.

I am looking to move as soon as possible.

Any help and advice on what steps I need to take or people I should contact would be so greatly appreciated!

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Answers

3
Hi Rachel! 1st congrats on going to school full time and working full time too! Being an adult student is not an easy task! Both my sisters are RN's. So, I know how rewarding this field can be, emotionally and monetarily. You are setting yourself up for a great future. As far as a loan is concerned- you have some good questions.
1. You should be able to qualify for some grant monies such as the IDHA smart move program.
2. Keep trying to build up your credit, you can get a loan with a 620 credit score, but you will have more options and a better interest rate at what they call a mortgage ready score of 640.
3. Your student loans count against your debt ratio when you have less than 1year left. So, as long as they are in deferment for at least 12 months from the date of your closing- you should be fine.
4. Depending on the mortgage program you chose, you will most likely need 3.5% of the purchase price for a down payment. This does not include the closing cost- which usually are about 3% of the purchas price. Right now, I have a lender who is giving a 3% credit to buyers to erase that cost. (that also depends on the mortgage product you choose.)
5. The 1st step is to contact a lender, they will be able to tell you what programs you qualify for. My lender is excellent!
6. I can put you in contact with my fantastic team! I love first time buyers!!!
My phone number is 815-370-9358. Cell/Text.
Carmen Carter.
I look forward to hearing from you!
0 votes Thank Flag Link Thu Sep 6, 2012
Hi Rachel,

It sounds like you have been working very hard to achieve your goals. Buying a home can be an intimidating experience, but working with a Real Estate Professional you feel comfortable with and you have confidence in will make the experience both exciting and rewarding. After selecting a Real Estate Professional, the next step is to contact a mortgage officer who can get you prequalified for a mortgage. Call or email me and I would be happy to recommend a mortgage officer to help. Now is the time to buy a home so let's get you started on finding the perfect home for you!

I look forward to talking with you,
Patti Stanfel, Spring Reality
815-325-2218

pstanfel@sbcglobal.net
0 votes Thank Flag Link Thu Sep 6, 2012
I can help! Feel free to check out my website http://www.bryanksellshomes.com or call me 815-725-6260 . I have helped hundreds of people, just like you, attain their dream of home ownership. I look forward to hearing from you and helping in anyway that I can.
0 votes Thank Flag Link Thu Sep 6, 2012
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